We tend not to take a look beyond our own communities to see how others live, but perhaps we ought to. Life is drastically different for millions of people all over the world, and in fact the difference is quite stark these days; the level of financial inequality around the globe is remarkably bad.
Statista created the chart below using data found a new Credit Suisse report, which noted that 45.9% of the overall global household wealth lies in the hands of just 0.7% of the world's population. That amounts to about 36 million (out of over 8 billion) people on earth who hold close to half of all the wealth. Additionally, those 36 million people control an astonishing $128.7 trillion, which is represented by the tiny tip of the pyramid below. Underneath this level, things get even more interesting. The next batch of rich individuals account for about 391 million, or roughly 7.9% of the adult population, and they control $111.4 trillion, or roughly 39.7% of the global wealth. This means that approximately 86% of all the money on earth, lies with less than 9% of the total population.
Though the data does not specifically say where the bulk of these wealthy individuals live, looking at the wealth per capita of nations can definitely be a different topic for a different day.
The bottom of the pyramid really tells the tale of the tape. Ignoring the middle section of the pyramid, the very bottom of the batch, which represents 3.47 billion people, or 70% of the world's population, share a combined wealth of $7.6 trillion. While that seems like a lot, note that almost third-quarters of the world's population possesses less that 2.6% of its total wealth.
I'm not here advocating for any formal distribution of wealth on Earth (that would be impossible), I ask only that as we go into the new year that you consider the plights of others and to be grateful for all that you have. By virtue of the fact that you are reading this post on an electronic device of some kind, you are far and away at the top of the pyramid. Be good to your neighbors, and help give to causes that bring the most basic needs (water, grain, vaccines, education) to those who desperately need it.
Greetings, GradMoney Readers!
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