Rich Get Richer / Poor Stay Poor
2% of all adults control 50% of the world's wealth, a UN study that looks beyond just income an rather at assets minus debts has concluded.
This is important, because it shows just how stagnant economic life is for so many people. For instance, even though we live well by global standards, many Americans have more debts than assets, and are among the most wealth-poor people in the world. Folks in this situation, like me, have a sharply limited range of options.
I'm virtually certain that I'll fight my way out of that. I'm in the 99th percentile in standardized aptitude, a white male with career prospects. I also have family and a social network that's rich enough to catch me if the unthinkable should happen. Most others with negative wealth have little beyond the service industry in terms of work, and a much less affluent network to draw on. This is the new serfdom.