Raul M.Sep 24, 2024
Robert Reich

The world’s richest 1% have more wealth than the bottom 95% put together, according to @Oxfam.

There is no moral justification for this extraordinary level of inequality.

It's distorting politics, rigging our markets, and granting unprecedented power to a handful of people.

Sep 24, 2024 at 8:20pmWeb
Show threadfloydgumpSep 24, 2024
@rbreich Out of control greed and the wealthy and corporations have way too much power.
Show threadColman ReillySep 24, 2024
@rbreich aren't you in that global 1%?
Show threadBob ThomsonSep 24, 2024

@Colman @rbreich

A lot of western folks are. https://www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html

How much money you need to be part of the 1 percent worldwide

According to the 2018 Global Wealth Report from Credit Suisse Research, this is the net worth you need to be among the 1 percent around the world.

CNBC
Show threadColman ReillySep 24, 2024
@bobthomson70 @rbreich almost there myself. But I’m very aware of it. Most people think top 1% means super rich, I think.
Show threadBob ThomsonSep 24, 2024
@Colman @rbreich within western countries yes but aye, globally 99% of folks have little :(
Show threadStu Duerson, machina exo deusSep 25, 2024

@Colman @rbreich

I'm at 3%, and that's very comfortable, but NOT rich. At 1%, the curve just takes off at an absolutely obscene rate.

If there's anyone that cannot satisfy themselves with a thousand million dollars ($1B), then they DO truly belong on Mars.

Eat the rich.

Show threadFREE🇵🇸PALESTINE, Says @SineSep 24, 2024
@rbreich the time to rebalance the scales of inequality, to take back all the unearned trillions. No billionaires or millionaires are "good"
No one gets that much by fair means, there's lots of downtrodden workers shoring up that empire of blood.
As an individual, there is nothing i can do to claw back that wealth. I can however never, ever, give them more money.
#boycott mega corps, big business, disney, amazon, netflix, apple, microsoft, murdoch, etc.
Show threadWalrus 🏴󠁧󠁢󠁷󠁬󠁳󠁿Sep 24, 2024
@rbreich
It's almost as if money is a stupid idea, and we should just do things differently.
Show threadDavid Cantrell 🏏Sep 24, 2024
@rbreich Oxfam are being extremely misleading, as has been pointed out by the BBC's More Or Less programme several times, but they keep repeating their bullshit. By Oxfam's definition someone on a good salary in London who has a mortgage is worse off than someone with no electricity or running water, who can't even afford shoes, but who owns their own shack.
Show threadBrownsBaySep 24, 2024
@rbreich There is no safety in being a filthy rich person in a poor country.
Show threadderptronSep 25, 2024

@rbreich To really put that into perspective though you have to realize is that this the number that gets you into the 1% worldwide numbers in the thousands, not the millions or billions. 1 million is well into the 1% club. 95k net worth gets you into the 10% club.

"And even if you have just $4,210 to your name, you’re still richer than half of the world’s residents."

7 yrs ago. Probably worse now:

https://www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html

How much money you need to be part of the 1 percent worldwide

According to the 2018 Global Wealth Report from Credit Suisse Research, this is the net worth you need to be among the 1 percent around the world.

CNBC
Show threadBill ZaumenSep 25, 2024
@rbreich According to https://en.wikipedia.org/wiki/Distribution_of_wealth the wealthiest 1% are millionaires and have 46% of the world's wealth, as shown in a graph attributed to Credit Suisse and dated 2021. What's the reason for the discrepancy with the value Robert Reiche gave?
Distribution of wealth - Wikipedia

Show threadMarco van Burgsteden 🍋Sep 25, 2024

@bzdev @rbreich

Robert compared the 46 percent of the richest one percent to the wealth of the poorest 95 percent. So we need to subtract the wealth of the 4 percent in between.

Show threadMarco van Burgsteden 🍋Sep 25, 2024

@bzdev @rbreich

That is a bit over ⅓ of the second richest 11 percent, who own 39 in total, so let's underestimate it and take 13 out.

Then the richest 1 and poorest 95 percent have 87 of all wealth.

46 points of 87 is 53 percent.

Which is an underestimation b/c you have to take the top 4 points out of the 11 who, following the Lorentz curve, will own a larger proportion of the 39 wealth points than the lower 7 population points.

Show threadBoyd Stephen Smith Jr.Sep 25, 2024
EDIT: BLANKED - Started with a very wrong premise and stayed woefully incorrect.
Show threadBoyd Stephen Smith Jr.Sep 25, 2024
EDIT: BLANKED - Started with a very wrong premise and stayed woefully incorrect.
Show threadKees AntiFA van MalssenSep 25, 2024
@BoydStephenSmithJr @rbreich the 1% starts around 1 million US$ according to Credit Suisse (links in other posts in this thread)
Show threadKees AntiFA van MalssenSep 25, 2024
@BoydStephenSmithJr @rbreich correction: 1% of 8,000,000,000 is 80 million people.
Show threadBoyd Stephen Smith Jr.Sep 25, 2024
@KFvMalssen @rbreich Wow, yeah, I don't know what I was thinking with 8000. That's just completely wrong, and that's the basis for my other estimates.
Show threadRobAnders110Sep 25, 2024
@rbreich economists will tell you there is no static 1% group because people move in and out of it. Someone may sell a small business and may be in the 1% of a few years and spend it during retirement and be out of that group, or a fortunate large stock sale and pay down debts and also be out of the 1% group. So, whatever you do to that group affects those many transient people. I don’t recall the percent that moves in and out each year but it’s a large percentage we need to research it
Show threadUkeleleEricSep 25, 2024
@rbreich We need governments to agree that anyone who earns more than a certain amount gets taxed at 99percent.
Show threadnoplasticshowerSep 25, 2024
@rbreich so feudalism and capitalism end up in the same place...
Show threadRobAnders110Oct 27, 2024
@rbreich AGREE, and we need to get BIG money out of political campaigns, and LIMIT contributions per person or company, and limit TOTAL spending not to exceed a specific amount… and each Presidential candidate must have a long-form INTERVIEW with a BIPARTISAN Congressional committee for at least 2 hours so the PUBLIC and know who the candidate really is!