World’s richest 1% are $5.5 trillion richer since 2009

According to this post from the Wall Street Journal the world’s millionaires represent 0.9% of the world’s population but control 39% of the world’s wealth,

This figure is actually up from 37% in 2009. Their wealth now totals $47.4 trillion in investible wealth, up from $41.8 trillion in 2009.

What’s interesting about this is that world GDP contracted by about $4 trillion in 2009, and is predicted to have grown by roughly the same amount in 2010 (couldn’t find the actual figures for 2010 – not enough time!) – meaning that the above figures represents a straightforward $5.5 trillion transfer of wealth upwards!

Of course we won’t hear about this in the media- no doubt we will all be told that we must all sacrifice so the economy can grow – because of the threat from China – whose economy has grown 40% in the last 4 years, compared to Euro economies which have flatlined!

Also, having just posted this, this all may change given the double-dip recession that appears to have started – as indicated by the falling FTSE – and no doubt this will be used by the Torys as justification for further neoliberalisation

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