- Mar 25, 2004
- Reaction score
- Near Atlanta, GA
The article linked at the end of this post contains two glaring errors. The content of the article lists how the richest 2% of people own half the world's assets. First off, government assets aren't counted, even though, for example, the U.S. federal government is the largest landowner in the country. The second is contained in the following sentence.
Read that sentence carefully. Again. Can you spot the problem? Read it one more time. Ok, now read the quote with the error highlighted.Personal wealth is distributed so unevenly across the world that the richest two per cent of adults own more than 50 per cent of the worlds assets while the poorest half hold only 1 per cent of wealth.
Wealth is not distributed. Wealth is earned. Nowhere in the article do they mention the concept that some people actually earn the assets they have. The fact is that they estimate that, if distributed evenly, everyone in the world would have about $20,500 in assets. So first off, it would make everyone poor. Second off, look at what leads to wealth and poverty and ask yourself. If this happened, what would happen within a few years with no further intervention? Well, the previously poor would blow their share on booze, smokes, lottery tickets, vacations, and other useless things that would be gone in a week, then it's back to being poor. The middle class would pay down some debt and buy a few more lasting things like furniture and electronics. The rich would invest and capitalize, using their wealth to earn more wealth. Within 5 years, it would be right back where it was. People do not get rich or poor because things get 'distributed' incorrectly. People, at least in free countries, get rich or poor based on their skills and their behaviour.Personal wealth is distributed so unevenly across the world that the richest two per cent of adults own more than 50 per cent of the worlds assets while the poorest half hold only 1 per cent of wealth.