by Ken MacVey
By many measures wealth inequality in the US and globally has increased significantly over the last several decades. The number of billionaires has increased at a staggering rate. Since 1987, Forbes has systematically verified and counted the global number of billionaires. In 1987, Forbes counted 140. Two decades later Forbes tallied a little over 1000. It counted 2000 billionaires in 2017. In 2024 it counted 2,781, and in March this year it counted 3,028 billionaires (a 50% increase in the number of billionaires since 2017 and almost a 9% increase since 2024).
Wealth concentration has increased in the US in the last few decades as well according to the Federal Reserve. It reported that the wealthiest .1 percent (the top fraction of one percent) has increased its share of national wealth from 8.67 % in 1989 to 14% in 2024. The top one percent’s share has increased altogether, now accounting for 31% of US wealth. At the same time, the bottom 50% accounted for only 3.5% of US wealth in 1989,and in 2024 that percent is down to 2.5%.
Thinktank Oxfam estimated in 2024 that the wealthiest one percent of the globe has as much wealth as 95 percent of humanity. It also predicts that in the next decade there will be five trillionaires.
To put this in personal context, if you had a million dollars and spent one thousand dollars a day (and assuming no interest or other return on your million), you would use up the million in a little more than two and a half years. If you had a billion, at a thousand a day, you would use that up in about 2,700 years. If you had a trillion, you would use it up in about 2,700,000 years. This is the result of the simple fact that a billion is a thousand times greater than one million, and a trillion is one thousand times greater than a billion. Read more »

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Rania Matar. Samira, Jnah, Beirut, Lebanon, 2021.




