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Just 0.001% hold three times the wealth of poorest half of humanity, report finds (www.theguardian.com)

submitted 3 days ago* (last edited 3 days ago) by HellsBelle@sh.itjust.works to c/world@lemmy.world

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Fewer than 60,000 people – 0.001% of the world’s population – control three times as much wealth as the entire bottom half of humanity, according to a report that argues global inequality has reached such extremes that urgent action has become essential.

The authoritative World Inequality Report 2026, based on data compiled by 200 researchers, also found that the top 10% of income-earners earn more than the other 90% combined, while the poorest half captures less than 10% of total global earnings.

Wealth – the value of people’s assets – was even more concentrated than income, or earnings from work and investments, the report found, with the richest 10% of the world’s population owning 75% of wealth and the bottom half just 2%.

In almost every region, the top 1% was wealthier than the bottom 90% combined, the report found, with wealth inequality increasing rapidly around the world.

“The result is a world in which a tiny minority commands unprecedented financial power, while billions remain excluded from even basic economic stability,” the authors, led by Ricardo Gómez-Carrera of the Paris School of Economics, wrote.

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[–] Eyekaytee@aussie.zone 12 points 2 days ago (15 children)

Billions of poor people are giving their money every single day to companies owned by rich people, this explains why rich people are getting richer

Does anyone have any ideas how we can stop poor people from giving their money to the rich? Every time they use Google they are given an electric shock ? Every time someone goes to buy something on Amazon they get personally spanked by a local Jeff Bezos lookalike?

[–] MBech@feddit.dk 15 points 2 days ago (12 children)

My proposal is taxing the everloving shit out of the richest people. 50% wealthtax over €20 million (a number I pulled out of my ass, but I think it's important to not hurt the regular small businesses). If you can't sell your assets for some reason, the assets are forfeited to be operated or sold by the government, to redistribute the result through welfare and UBI.

And what about thhe poor billionaires who can't own more than 20 million euro you say? I don't give a shit. Let them off themselves if it's impossible to live with.

[–] Eyekaytee@aussie.zone 2 points 2 days ago* (last edited 2 days ago) (5 children)

I have to respond to "with at a 50% wealthtax over 20 million euros" because that is the easy answer

Europe already has a lot of experience with taxing the ultra wealthy

In 1990, about a dozen European countries had a wealth tax, but by 2019, all but three had eliminated the tax because of the difficulties and costs associated with both design and enforcement.[6][7]

https://en.wikipedia.org/wiki/Wealth_tax#In_practice

Normally progressives like to point to Europe for policy success. Not this time. The experiment with the wealth tax in Europe was a failure in many countries. France's wealth tax contributed to the exodus of an estimated 42,000 millionaires between 2000 and 2012, among other problems. Only last year, French president Emmanuel Macron killed it.

In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland. According to reports by the OECD and others, there were some clear themes with the policy: it was expensive to administer, it was hard on people with lots of assets but little cash, it distorted saving and investment decisions, it pushed the rich and their money out of the taxing countries—and, perhaps worst of all, it didn't raise much revenue.

https://www.npr.org/sections/money/2019/02/26/698057356/if-a-wealth-tax-is-such-a-good-idea-why-did-europe-kill-theirs

Paris (AFP) – Bernard Arnault, the billionaire boss of the world's biggest luxury conglomerate LVMH, has picked a fight with the French government by suggesting that companies could flee France for the United States to escape a planned tax hike.

https://www.rfi.fr/en/international-news/20250130-french-luxury-billionaire-sparks-tax-debate-with-threat-to-leave

And it's hard because there will always be another country that wants rich people

[–] WildPalmTree@lemmy.world 11 points 2 days ago

Tax transfers to those countries to the ever-loving-shit degree. Want to move money to this tax paradise? Sure. We take 90%. Not on profit. On transfer. Let's see them work around that. Want to move it to a country that doesn't have the same rules? Sure. We take 90% of that.

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