Worlds richest 1% to own more than everyone else put together

Conrad

I've owned my own mortgage information business for years, millions of Brits have that sort of wealth, tens of millions of Europeans, Americans, Aussies, Australians, Japanese, S Koreans etc etc.
An average client of mine is just an ordinary Jo, maybe a carpenter aged 45 and has several hundred thousand in wealth and feels poor.


Of course there are billions of peasants but I would think more like 10%+ of the worlds population have £530k in wealth, not 1%.


Right across Britain are vast numbers of houses at £400k +, from Monmouth to Shropshire, Gloucester to Chepstow, Cambridge to Northants, Southampton to Bracknell, Scottish Lochs to Brecon Beacons, Saffron Walden to Cheshire, Ledbury to Exeter.


This idea there is a tiny clique of rich is laughable.


Just look at the endless stats that inform us Britain is the worst in so many areas (see below) If these stats were true (there are dozens of them) then migrants would be choosing other nations not this dump. Ergo stats are often a total work of nonsense.


UK WORST IN Europe - why do people keep on coming here?

•Shortest stay in maternity wards

• 70% of the card debt
  •Highest teen pregnancy
  
  •Worst literacy and math results
  
  •Biggest alcohol drinkers
  
  •Most obese
  
  •Highest domestic abuse
  
  •Least productive workers
  
  •Highest abortion
  
  •Greatest inequality
  
  •British workers suffer biggest real-wage fall of major G20 countries
  
  

Linton

Conrad wrote: »

...... I would think more like 10%+ of the worlds population have £530k in wealth, not 1%.

.....

Really! I would be surprised if 10% of the people in this country had £0.5M in net wealth, and we are one of the richest countries in the world. Possibly your clients arent an average cross section of the population.

lisyloo

An average client of mine is just an ordinary Jo, maybe a carpenter aged 45 and has several hundred thousand in wealth and feels poor.

On average Jo would have a spouse, so just saying that many times you need to divide the wealth by 2.
Just checking but did you factor that in for Carpenter Jo? and everyone you know? and the millions you mention?
If so then I'd say your social circle is elite if most couples have £1M+
The average home is £272K and lots of people have mortgages.

When calculating my personal wealth I divided our marital home and combined pension funds by 2.

then migrants would be choosing other nations

We have free healthcare, benefits and speak English.
If I were an immigrant then none of the things you've mentioned would particularly bother me in fact if the naitves are lazy that might help me get ahead, but if I spoke English only then I wouldn't choose France or Germany.

cells

Conrad wrote: »

I've owned my own mortgage information business for years, millions of Brits have that sort of wealth, tens of millions of Europeans, Americans, Aussies, Australians, Japanese, S Koreans etc etc.
An average client of mine is just an ordinary Jo, maybe a carpenter aged 45 and has several hundred thousand in wealth and feels poor.


Of course there are billions of peasants but I would think more like 10%+ of the worlds population have £530k in wealth, not 1%.


Right across Britain are vast numbers of houses at £400k +, from Monmouth to Shropshire, Gloucester to Chepstow, Cambridge to Northants, Southampton to Bracknell, Scottish Lochs to Brecon Beacons, Saffron Walden to Cheshire, Ledbury to Exeter.


This idea there is a tiny clique of rich is laughable.


Just look at the endless stats that inform us Britain is the worst in so many areas (see below) If these stats were true (there are dozens of them) then migrants would be choosing other nations not this dump. Ergo stats are often a total work of nonsense.


UK WORST IN Europe - why do people keep on coming here?

•Shortest stay in maternity wards

• 70% of the card debt
  •Highest teen pregnancy
  
  •Worst literacy and math results
  
  •Biggest alcohol drinkers
  
  •Most obese
  
  •Highest domestic abuse
  
  •Least productive workers
  
  •Highest abortion
  
  •Greatest inequality
  
  •British workers suffer biggest real-wage fall of major G20 countries
  
  

houses everywhere are not crazy english prices

this also shows the problem of equating wealth just to asset prices, eg imagine a nation with a shortgage of 1m homes the value might be 1 trillion dollars. now imagine the same nation with an excess of 1m homes the value might be 0.75 rillion dollars.

the nation just built 2m additional homes but got poorer by 250B dollars?????

clearly there is something wrong with that way of adding things

cells

the way to reduce inequality isnt to tax the rich more its to aim for an excess.

eg if the uk had an excess of homes rather than a shortgage then the BTL landlords would have leas wealth

if we had a small excess of oil instead of a small shortgage its price may fall in half and the oil sheiks and majors value would crash and tney would have less wealth

if competition was higher share values would fall and the rich share owners would have less wealth (eg aldi lidl impact on supermarket shares)

a small excess of capital and production should be policy rather than the shortgages we mostly see (at least in part due to population growth nationally and globally )

globalds

There is a problem with this trend.

It is changing the chances of success...or Rather where that success comes from.

If capital makes more money than hard work ..then in essence you start moving from a meritocracy to an aristocracy ..being born to rich parents gives you the highest chance of success, rather than being smart and working your way up.

The net loss is that more and more we will see not the best guy running things ..but the guy who inherited the most ..which is bad for the system IMHO

N1AK

Conrad wrote: »

Is it true that just £530k in net wealth to include ones main home puts you into the 1%?

The average house price is in the region of £250k. Even if a couple own a £500k property, without a mortgage, they need another £500k to have £0.5 million each.

The world's population is 7 billion, that makes 70 million 1%ers and given that the western world is wealthier on average it shouldn't be shocking if a few million of them are British.


Your examples of bad records Britain holds is also wrong. We are neither the most obese, nor are we even near the top of the EU heaviest drinking. The others are properly lies as well, but I'm not looking them up just to disprove it.

padington

globalds wrote: »

There is a problem with this trend.

It is changing the chances of success...or Rather where that success comes from.

If capital makes more money than hard work ..then in essence you start moving from a meritocracy to an aristocracy ..being born to rich parents gives you the highest chance of success, rather than being smart and working your way up.

The net loss is that more and more we will see not the best guy running things ..but the guy who inherited the most ..which is bad for the system IMHO

Exactly, upon death any wealth considered obscene should be mostly redistributed to lots of different people with a good idea and a glint in their eye to make the world a better place.

Meritocapatlism, nice idea.

globalds

padington wrote: »

Exactly, upon death any wealth considered obscene should be mostly redistributed to lots of different people with a good idea to make the world a better place.

Meritocapatlism, nice idea.

David Beckham's kids will never agree to that will they ?

padington

globalds wrote: »

David Beckham's kids will never agree to that will they ?

99% the world population didn't agree that the 1% can own the place, odder things have happened.