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LIBertea

Wealth of World’s Billionaires Doubles Since 2009

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Even as workers in the US and other countries have seen their incomes plummet, the combined net worth of the world’s billionaires has doubled since 2009, according to a report published Tuesday by UBS and Wealth-X, a consultancy that tracks super-rich individuals.

The collective wealth of the world’s billionaires hit $6.5 trillion, a figure that is nearly as large as the gross domestic product of China, the world’s second-largest economy. The number of billionaires has grown to 2,170 in 2013, up from 1,360 in 2009, according to the report.

 

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Thanks for posting this great article here LIBertea. It's a brief but comprehensive explication of the negative effect the world's 2,170 billionaires are having on the rest of earth's people. Everyone concerned with the well-being of mankind needs to read it in full.

 

The article shows how little loyalty these super rich have for any one country and how global their interests are. It shines light on how large a percentage of them got their money from non-productive sources like banking and finance.... How their attitudes toward ordinary people seem callous and unfeeling in the extreme. It shows just how far some of their concentrated wealth could go toward helping mankind and how they seem to accumulate multiples of all kinds of the most expensive possessions.

 

I noticed the article didn't delve more into the financial institutions where these billionaires hoard the largest percentage by far, of their wealth and how they avoid paying taxes. (Mitt Romney being a recent high-profile example). Also of interest would have been what percentage as a group, they give to philanthropic causes.

 

From my subjective viewpoint, we seem to be entering a historic era of worldwide Plutocracy where the ultra-rich control governments and legislation for their gain. Increasingly, they seem to feel no need to justify their elitism by trickle-down theories or ideologies insisting that concentrated wealth helps all.

 

IMO, if these modern vast-scale robber barons are not somehow brought under regulation, we will end up with a new aristocracy of one-world government.

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You are right. We desperately need another FDR type era, hopefully more long-lasting.

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Thanks, bludog

 

Olygarchs, financial barrons, have always been in charge.

 

FDR was a far too short break in the system.

Monied interests almost always have influence in government. But the extent of that influence waxes and wanes. FDR, with his super majorities in both the House and Senate pulled nearly the entire spectrum of US politics leftward. During his time, the interests of ordinary people were generally given precedence over the will of oligarchs. FDR's political influence persisted after his death until the Reagan era starting in 1980.... Then the political spectrum began to drift right.

 

Prosperity for ordinary people didn't start to noticeably deteriorate until about the mid 1990s as the influence of money in politics grew. Now, in the beginning of the 21st century we have Citizens United and more BIG MONEY flowing into political campaigns than ever before. At the same time, corporate lobbying has increased to new highs. Not coincidentally, the middle class is shrinking to the point of becoming an endangered species.

 

I think that now, Plutocracy is becoming more entrenched than at any time since the Gilded Age; Probably more so.

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