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Eighty-five very, very rich people own the same amount of wealth as the bottom half of the entire population of the world.
In the United States, the 400 richest have more wealth than the 150 million citizens who comprise the poorest half of the population.
Maybe you’re wondering if these crazy statistics were produced by a wild-eyed radical group intending to overthrow the capitalistic system No, these facts come from a briefing paper, “Working for the Few,” prepared by Oxfam International.
Just to be on the safe side, let’s take a closer look at that organization. Oxfam was founded in 1942 in Oxford, England, as the Oxford Committee for Famine Relief. It was organized by a group of Quakers, Oxford academics, and social activists. Over the years it has spread and now has many affiliates around the globe. Oxfam America is a member of Oxfam International, an international confederation of 17 organizations networked together in 94 countries, as part of – to quote them – “a global movement for change, to build a future free from the injustice of poverty.” Oxfam America is a 501(c)(3) organization, and gifts are tax-deductible to the full extent allowable under the law. Definitely not radical. You can make a donation without worry.
Here are some of the other interesting statistics from the Oxfam briefing paper:
• Almost half of the world’s wealth is now owned by just one percent of the population.
• The wealth of the one percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half of the world’s population.
• Seven out of ten people live in countries where economic inequality has increased in the last 30 years.
• The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012.
• In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.
I’m sure there’s a way of looking at this data and believing that we can’t do anything about it. Capitalism is the dominant economic system around the globe — in some places it’s more regulated than others, but it’s still capitalism. And some people believe that capitalism is a “natural” system of economics, that it simply comes into being all by itself, naturally. But none of that is true. Capitalism is an economic structure created by people, not by nature nor by God and angels. Like legislative or judicial systems, it’s devised and brought into being by people. For a long time, monarchy was considered the natural system of governance, part of the divine order of things created by God. It wasn’t and neither is capitalism. We can change it. We can make it better, fairer, more broadly productive.
Having a certain amount of money — and we mean a certain large amount — insulates the rich from the hardships suffered by the poor. The rich have been doing quite well since the end of the Great Recession. But they’re trying not to flaunt their wealth. The divide between the rich and poor is getting so large that, well, if you’re rich, you can’t be too careful these days.
Luxury homes — let’s call them mansions — have shrunk in size. It’s hard to believe, but Laurie Moore-Moore of the Institute for Luxury Home Marketing, says there’s a trend toward smaller mansions. Biggies in the fifteen to twenty thousand square foot range are becoming hard to sell.
In case you don’t know square footage, the average American home grew from 983 square feet in 1950 to 2,349 square feet in 2004. As you rise above 2,349 square feet, you come first to what’s sometimes called a McMansion, and only if you continue to rise and get real interior acreage do you come to the true mansion. The McMansion is simply a bloated dwelling with an exterior style which mimics a French chateau or an Italian villa, whereas the true mansion looks more like an exclusive hotel. A true mansion would have, or used to have, eight or nine times the square footage of the average dwelling.
But for the rich, the new, post-recession size is smaller, around five thousand to seven thousand square feet. Modesty has become important to the wealthy. In terms of square footage, anyway. It turns out that the inside of these smaller mansions are packed with more luxuries. After all, you have to do something with that money, you can’t just give it away.