And the top 1% of wealth holders own more wealth than the other 99% combined!Oxfam’s data suggest that inequality of wealth globally has got worse since the end of the Great Recession.And within countries, inequality is rising as the gini coefficient of income and wealth in China and India shows.Giles wants us to dismiss Oxfam’s numbers because they “splice together data on the richest individuals from Forbes, designed to sell magazines, with data on the rest of the world from Credit Suisse, which itself is compiled from a host of incompatible sources.” I don’t think that the authors of the Credit Suisse report on global wealth would appreciate this attack on their integrity and methods.The global elites are meeting today for their annual jamboree at the World Economic Forum in Davos, Switzerland.Some of the world’s top political leaders, banking chiefs and corporate moguls will discuss the key issues, ideas and strategies for how to rule the world.But this is for one main reason: the tremendous growth in real GDP and living standards for hundreds of millions living in China.
And Oxfam’s measures do not account for the estimated .6tn in hidden offshore tax havens that inequality expert Gabriel Zucman has identified in a recent book.
Local currency goes further in Indonesia or Somalia but may not be worth much in dollars, particularly as the US dollar has been rising against most other currencies, making dollar wealth more than it is.
Giles claims that the change in national wealth in 2015Maybe so, but PPP measures of wealth are just as biased as dollar measures.
According to Giles, this explains why North America appears so unequal in this chart from the Credit Suisse report.
Actually, as a robustness check, Oxfam recalculated the share of wealth held by the richest 1 percent once negative wealth is excluded.