Inequality is a cancer on society, here in the U.S. and across the
globe. It keeps growing. But humanity seems helpless against it, as if
it's an alien force that no one understands, even as the life is being
gradually drained from its victims.
The recent Oxfam report on global wealth inequality reveals some of the ugly extremes that have divided our world. It also directs our attention to the Global Wealth Report
compiled by Credit Suisse, and the companion Databook, which offer a
shocking testament to the severity of U.S. and global inequality.
1. The 30 Richest Americans Own as much as Half of the U.S. Population
The Oxfam report
tells us that 85 individuals own as much as half the world. The U.S. is
the biggest reason for that, with 5% of the world's population and 30%
of the wealth. China, India, and Africa, on the other hand, combine for
about half the world's population and just 12% of the wealth.
In the U.S., the richest 30 individuals own about $792 billion, while
the bottom half of Americans own 1.1% of our country's wealth, also
about $792 billion. That's 30 people owning as much as 157,000,000