30 days ago
Wealth inequality has reached extreme levels, with the richest leading excessively luxurious lives that harm the environment and exploit the working class. Economist Rob Larson highlights these issues in Mastering the Universe, revealing shocking statistics.
In 2021, the top 1 percent of U.S. households held 34.9 percent of national wealth, while globally, they controlled 40.5 percent. In contrast, the poorest half owned just 3 percent or less, often with negative wealth. Despite decades of economic growth, the rich claim the lion's share of global gains.
In 2016, the wealthiest 1 percent controlled 40 percent of corporate stocks, with 84 percent in the hands of the top 10 percent. Corporate profits overwhelmingly benefit the elite, worsening inequality.
Their wealth enables grotesque excesses, such as using artwork as investments or isolating themselves in private mansions. Mark Zuckerberg, for instance, purchased neighboring homes for privacy. Private jets used by billionaires emit ten times more CO2 than commercial flights, amplifying their environmental impact.
