Thursday, August 2, 2012

Inequality Worse Than We Realize

From a Guardian story on a new report on tax havens...
The sheer size of the cash pile sitting out of reach of tax authorities is so great that it suggests standard measures of inequality radically underestimate the true gap between rich and poor. According to Henry's calculations, £6.3tn of assets is owned by only 92,000 people, or 0.001% of the world's population – a tiny class of the mega-rich who have more in common with each other than those at the bottom of the income scale in their own societies.
For the record £6.3tn equals about $9.8tn. By the way, tn is short for trillion. Also by the way, the entire U.S. GDP is about $15tn.

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