The U.S. Is Still, Barely, In The Top 10
The year end list of the 25 richest countries in the world doesn’t account for economic disparities between the very rich and everyone else. For example, the United Arab Emirates is ranked as the 13th wealthiest country in the world with a $66,680 per capita income. The problem with that is that most of the people living there are nearly penniless slaves and almost all of the country’s vast wealth is controlled by a few families. The slaves from South Asia are not counted in the UAE’s statistics. Right over that— at number 12— Denmark ($67,580 per capita) has a far more egalitarian society, with a much better standard of living for even people at the bottom of the economic distribution chain. This report reminds readers that the US, Japan, China and Germany were home to a whopping 64% of high-net-worth individuals globally.
The wealthiest country in the world— based on Gross National Income per capita— is tiny Singapore ($102,450). The country has 269,925 millionaires (including 60 billionaires) and nearly 800,000 people with less than $13,500 in wealth. The average wealth is $449,543— very high— but the median wealth per adult, a better measure, is $117,068. The government uses taxes to fund transfers to the poorest people, making income inequality significantly more bearable.
2- Qatar- $92,080 (see UAE)
3- Bermuda- $87,340— presumably including Sam Bankman-Fried’s pretend billions (no accurate information available)
4- Luxembourg- 83,230 (medium degree of economic inequality)
5- Norway- $82,840 (extremely low degree of economic inequality)
6- Ireland- $79,450 (low degree of economic inequality)
7- Switzerland- $75,860 (low degree of economic inequality)
8- China- $72,260 (medium degree of economic inequality)
9- Hong Kong- $70,700 (medium degree of economic inequality)
10- USA- $70,480 (high degree of economic inequality)
11- Brunei- $67,580 (no accurate information available)
12- Denmark- $66,720 (extremely low degree of economic inequality)
13- United Arab Emirates- $66,680 (no accurate information available)
14- Netherlands- $63,360 (extremely low degree of economic inequality)
15- Sweden- $61,090 (extremely low degree of economic inequality)
16- Germany- $59,680 (low degree of economic inequality)
17- Belgium- $59,460 (extremely low degree of economic inequality)
18- Kuwait- $59,040 (no accurate information available)
19- Austria- $58,370 (low degree of economic inequality)
20- Finland- $55,940 (extremely low degree of economic inequality)
21- Iceland- $55,920 (extremely low degree of economic inequality)
22- Australia- $55,290 (low degree of economic inequality)
23- Cayman Islands- $53,770 (no accurate information available)
24- France- $51,850 (low degree of economic inequality)
25- Canada- $51,690 (low degree of economic inequality)
In September, the Census Bureau reported that the U.S. saw an increase in income inequality for the first time since 2011. Two years ago Pew Research reported that “The rise in economic inequality in the U.S. is tied to several factors. These include, in no particular order, technological change, globalization, the decline of unions and the eroding value of the minimum wage. Whatever the causes, the uninterrupted increase in inequality since 1980 has caused concern among members of the public, researchers, policymakers and politicians. One reason for the concern is that people in the lower rungs of the economic ladder may experience diminished economic opportunity and mobility in the face of rising inequality, a phenomenon referred to as The Great Gatsby Curve. Others have highlighted inequality’s negative impact on the political influence of the disadvantaged, on geographic segregation by income, and on economic growth itself. The matter may not be entirely settled, however, as an opposing viewpoint suggests that income inequality does not harm economic opportunity…The growth in income in recent decades has tilted to upper-income households. At the same time, the U.S. middle class, which once comprised the clear majority of Americans, is shrinking. Thus, a greater share of the nation’s aggregate income is now going to upper-income households and the share going to middle- and lower-income households is falling. The share of American adults who live in middle-income households has decreased from 61% in 1971 to 51% in 2019. This downsizing has proceeded slowly but surely since 1971, with each decade thereafter typically ending with a smaller share of adults living in middle-income households than at the beginning of the decade.
Let's look at this from another perspective. Income inequality is a growing issue not only in the U.S., but across the globe. A 2017 report from global charity Oxfam found that the richest 1 percent of people in the world control 82 percent of the total wealth. Put another way, just 42 people own the same amount of wealth as the poorest 50 percent of the global population. Ever wonder which states have the most and least income inequality. New York has the most and Alaska has the least.
Marianne Williamson is exploring a run for president, regardless of whether or not Biden runs for reelection. You'll never hear her telling wealthy donors-- or anyone else-- that everything will remain the same.
