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We're all rich
Old 12-13-2006, 06:55 AM   #1
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We're all rich

A few quotes from an article on the 'world wealth gap':

"The richest two percent of the world's population owns more than half of the world's household wealth."

"...assets of just $2,200 per adult placed a household in the top half of the world's wealthiest. To be among the richest 10% of adults in the world just $61,000 in assets is needed. If you have more than $500,000, you're part of the richest 1%..."

"The three richest people in the world have more money than the poorest 48 nations -- combined."

"...although North America has only 6% of the world adult population, it accounts for 34% of household wealth.

So be grateful for where you live in the world; it directly correlates to how much you have. But don't bask in superiority: The fastest-growing population of wealthy people is in China.

Look out when they transition from saving to spending. It's going to change the composition of the world economy dramatically, and it may just help prevent the world from becoming more of an aristocracy than it already is."


I know, I know. It's all relative...

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Re: We're all rich
Old 12-13-2006, 07:46 AM   #2
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Re: We're all rich

Quote:
Originally Posted by REWahoo!
I know, I know. It's all relative...
Its a good reminder though - thanks!
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Re: We're all rich
Old 12-13-2006, 07:51 AM   #3
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Re: We're all rich

Good article. We know this, don't we, but we need to be reminded occasionally. So, I'm in the top 1%. Who knew?
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Re: We're all rich
Old 12-13-2006, 09:20 AM   #4
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Re: We're all rich

And if you expand the idea to include mankind's experience for the last, say 2000 years we're all probably in the top 0.001%.
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Re: We're all rich
Old 12-13-2006, 11:02 AM   #5
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Re: We're all rich

Most of us here live better than kings and queens did a few hundred years ago.

Heated and A/C homes, electricity to run all our machines
Cold and hot water when we want it
Cheap and readily-available food
Medicine to cure us
Cars, trains, and planes to take us anywhere
and even Betty Crocker Super-Moist cake mix for about two bucks for when we want to eat cake.
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Re: We're all rich
Old 12-13-2006, 11:11 AM   #6
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Re: We're all rich

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Originally Posted by retire@40
...and even Betty Crocker Super-Moist cake mix for about two bucks for when we want to eat cake.
Yep. I believe it was Marie Antoinette who said those famous words, "Let 'em eat Betty Crocker."

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Re: We're all rich
Old 12-13-2006, 10:24 PM   #7
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Re: We're all rich

I visited the Hapsburg palace in Vienna. King Ferdinand slept on an iron cot and rose at 4 am. to begin work. The palace was heated to about 50 degrees fahrenheit in the winter. We were there in summer and it was unbearably stuffy (the king couldn't just open a window when it got hot--too dangerous.)

The Hapsburgs were famous for eating off of gold plates, but periodically they had to melt down the dinnerware to finance wars. I had to admit their second-best china was still pretty nice. Anyway, my palace is a lot more comfortable than theirs.
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Re: We're all rich
Old 12-14-2006, 07:31 AM   #8
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Re: We're all rich

Thanks for the article.

Great point, Bobot.

Quote:
Meanwhile, "many people in high-income countries have negative net worth and -- somewhat paradoxically -- are among the poorest people in the world in terms of household wealth."
That's the sad challenge for some in the U.S.
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Re: We're all rich
Old 12-14-2006, 09:34 AM   #9
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Re: We're all rich

What it is meaningless. is being compared to the guys in Zimbabwe since we will never go there. - being compared to the guys in Luxembourg since we would most likely just pass through.

It only matters in the circle that you are occupying. Often times those circles don't meet and we don't even know they exist. Even within the same country. Americans watched in dismay at the situation in New Orleans. No-one drives through Watts or Harlem. In my cushy suburban town I havenot seen any poor soul EVER.

With a few exception a billionaire lifestyle is foreign to folks on this board as much as a hobo life.
Close to where I live their is a $10-million home for sale but the property tax is in the $50k/yr range. You've got to sustain with super high maintenance cost. It might take a full month just to vacuum the carpet.

IMHO at each wealth level the key is to remain healthy and make sure you can sustain the burn rate.

Of course wealth disparity helps taking advantage of cheap goods from places like China and India but the standard of living is adjusting really fast due to trade imbalances. I would bet that 10 years from now goods from those countries won; t be cheap any longer and production will come back to the US. (It happened with Europe and Japan).
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Re: We're all rich
Old 12-14-2006, 10:43 AM   #10
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Re: We're all rich

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Originally Posted by perinova
Of course wealth disparity helps taking advantage of cheap goods from places like China and India but the standard of living is adjusting really fast due to trade imbalances. I would bet that 10 years from now goods from those countries won; t be cheap any longer and production will come back to the US. (It happened with Europe and Japan).
or simply be produced in the next cheaper third world country....oh I forgot they dont like being called that....rather "Emerging market"
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