Meet the Global Financial Elites Controlling $46 Trillion In Wealth
The economic elite have at least $46 trillion in wealth –
but who are they? We look at the people and the industries
picking the pockets of the working class.
August 11, 2011 |
The following is an adapted excerpt from David DeGraw’s new report on the
financial destruction of the United States.
The full report can be read here: Analysis of Financial Terrorism in America.
“There’s class warfare, all right, but it’s my class,
the rich class, that’s making war, and we’re winning.”
– Warren Buffett, Chairman and CEO of Berkshire Hathaway
How Much Wealth Do The Economic Elite Have?
While 68.3 million Americans struggle to get enough food to eat and wages
are declining for 90 percent of the population, US millionaire household wealth
has reached an unprecedented level. According to an extensive study by auditing
and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion
in wealth. On top of the $38.6 trillion this study reveals,
they have an estimated $6.3 trillion hidden in offshore accounts.
In total, US millionaire households have at least $45.9 trillion in wealth, the majority
of this wealth is held within the upper one-tenth of one percent of the population.
If all this isn’t obscene enough, to further demonstrate how the global economy has
now been completely rigged, Deloitte’s analysis predicated, based on current trends,
that US millionaire households will see a 225 percent increase in wealth to $87.1 trillion
by 2020. Accounting for wealth hidden in offshore accounts,
they are projected to have over $100 trillion in total within the next decade.
Most people cannot even comprehend how much $1 trillion is, let alone $46 trillion.
One trillion is equal to 1000 billion, or $1,000,000,000,000.
To put it in perspective, last year the entire cost of feeding all 40 million Americans
on food stamps was $65 billion.
Now consider, according to the latest IRS data, only 0.076 percent of the population,
less than one-tenth of one percent, earned over $1 million in 2009.
The graph below, based on data from the Tax Policy Center, shows how much
income is earned by a household at any given percentile in income distribution:
http://www.alternet.org/story/151999/meet_the_global_financial_elites_controlling_%2446_trillion_in_wealth?
The economic elite have at least $46 trillion in wealth –
but who are they? We look at the people and the industries
picking the pockets of the working class.
August 11, 2011 |
The following is an adapted excerpt from David DeGraw’s new report on the
financial destruction of the United States.
The full report can be read here: Analysis of Financial Terrorism in America.
“There’s class warfare, all right, but it’s my class,
the rich class, that’s making war, and we’re winning.”
– Warren Buffett, Chairman and CEO of Berkshire Hathaway
How Much Wealth Do The Economic Elite Have?
While 68.3 million Americans struggle to get enough food to eat and wages
are declining for 90 percent of the population, US millionaire household wealth
has reached an unprecedented level. According to an extensive study by auditing
and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion
in wealth. On top of the $38.6 trillion this study reveals,
they have an estimated $6.3 trillion hidden in offshore accounts.
In total, US millionaire households have at least $45.9 trillion in wealth, the majority
of this wealth is held within the upper one-tenth of one percent of the population.
If all this isn’t obscene enough, to further demonstrate how the global economy has
now been completely rigged, Deloitte’s analysis predicated, based on current trends,
that US millionaire households will see a 225 percent increase in wealth to $87.1 trillion
by 2020. Accounting for wealth hidden in offshore accounts,
they are projected to have over $100 trillion in total within the next decade.
Most people cannot even comprehend how much $1 trillion is, let alone $46 trillion.
One trillion is equal to 1000 billion, or $1,000,000,000,000.
To put it in perspective, last year the entire cost of feeding all 40 million Americans
on food stamps was $65 billion.
Now consider, according to the latest IRS data, only 0.076 percent of the population,
less than one-tenth of one percent, earned over $1 million in 2009.
The graph below, based on data from the Tax Policy Center, shows how much
income is earned by a household at any given percentile in income distribution:
http://www.alternet.org/story/151999/meet_the_global_financial_elites_controlling_%2446_trillion_in_wealth?
