The combined wealth of the globe's millionaires grew to nearly $41 trillion last year, an increase of 9 percent from a year before, Merrill Lynch & Co. and consulting firm Capgemini Group said Tuesday.
A lot of that is capitalised value which has nothing to do with the productivity of the underlying assets, but still it's a huge amount of potential leverage through credit.
Here's a proposal: we can get the infamous target of 0.7% of world GDP for development aid out of these people by taxing wealth above $1M at 1% per year. Any objections to unanimous consent? When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
I don't know. Maybe they're not rich enough to feel comfortable sharing. Shouldn't we have another round of tax cuts instead?
Or is it? Nominal GDP is measured in dollars, which are losing value, so the world's nominal GDP can be giong up just on account on the dollar's devaluation which has been more than 9% last year. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
Indeed, if the 600 000 new millionaires all only own a million, that's already 600 billion ; good for 1.5% of the wealth increase. Also, since house values are not counted, it's possible much of the rise comes from savvy investors selling real estate before the bust... Un roi sans divertissement est un homme plein de misères
And then, what proportion of development aid ends up in the hands of millionaires ? Un roi sans divertissement est un homme plein de misères
