OK

  You want a reason for the uprisings in Greece, where workers are on strike to protest the brutal austerity measures, or OccupyWallStreet or the revolutions in Egypt and Tunisia fanned by the deep unemployment? Or are you looking for a reason people don't believe the economy is getting better even when "growth" seems to pick up a tad? Well, here you go: the richest people in the world are piling up even more wealth.

   This information comes via a well-known, left-leaning institution likely to drive FOX News over the edge: Credit Suisse, one of the world's largest private banking organizations. The bank's Research Institute reports:

The Report finds that 29.7 million adults with household wealth of more than USD 1 million make up less than 1% of the world’s adult population but own 38.5% of global household wealth. This year, Europe surpassed North America making up 37.2% millionaires in the world, followed by North America (37%).[emphasis added]

And, as for Ultra High Net Worth Individuals (UHNWIs):

Based on our June 2011 estimates, there are 84,700 ultra high net worth individuals (UHNWIs) with net assets exceeding USD 50 million each globally. Of these UHNWIs, 29,000 have assets worth at least USD 100 million each and 2,700 have assets above USD 500 million each. The number of UHNWIs is considerably greater than a decade ago, due to the general growth in asset values and the appreciation of other currencies against the US dollar. In terms of single countries, the USA leads by a huge margin with 35,400 UHNWIs or 42% of the global total, followed by China with 5,400 UHNWIs (6.4%), Germany (4,135 or 4.9%), Switzerland (3,820 or 4.5%) and Japan (3,400 or 4%). UHNWIs in other BRIC countries are also rising fast, with 1,970 in Russia, 1,840 in India, and 1,520 in Brazil by June 2011.[emphasis added]

   So, let's understand that in English:

   The very few control an obscene amount of the wealth in the world.

   This doesn't just happen because of their great skill and genius. It's because of tax policy that gives more to the rich, bad trade deals that put more money in the hands of investors and an all-out assault on unions, the only force that provides any counter-weight to the "magic" of the "free market".

    So, when we read crap like this:

The economy picked up a little in most parts of the U.S. in September and at the start of the month as Americans spent more, but the jobs market showed little improvement, suggesting a continued slow pace of growth ahead.

    And, then, wonder why people are worried or angry, we need to understand that when THE ECONOMY GROWS, IT DOES NOT MEAN THE MAJORITY OF THE PEOPLE ARE DOING WELL. It probably means: shit is being made and it's being sold but the wealth created is going into the hands of a few.

Originally posted to Tasini on Wed Oct 19, 2011 at 12:34 PM PDT.

Also republished by Income Inequality Kos, In Support of Labor and Unions, Jobs Wages and Community Investment Working Group, ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement, and Occupy Wall Street.

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