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On December 7, 2006, 08:09:04, Guangzhou Daily reported:
A global wealth survey released by a United Nations research institution on the 5th revealed that the wealthiest 2% of the global population controls over 50% of the world's wealth, while the relatively poorer 50% of the population holds only 1% of the wealth, indicating a severe global wealth disparity.
The report, titled "The Distribution of World Household Wealth," was published by the World Institute for Development Economics Research of the United Nations University. The wealth defined in the report is the sum of physical and financial assets minus liabilities. This is the first report of its kind to cover all countries and regions globally, and it is rare in focusing on wealth rather than income. The data cited in the report are from the year 2000.
The report points out that among the wealthiest 2% of the global population, each individual has assets exceeding $500,000. An adult with personal assets over $2,200 is considered among the wealthier half of the population, and over $6,100 places them within the top 10%. Of the global wealthiest 2%, 37% are from the United States, 27% from Japan, and less than 1% from mainland China. The financial institutions and internet sectors are the areas producing the most millionaires.
Global wealth is highly concentrated.
The report suggests that while global income levels are already unequal, the disparity in wealth distribution is even more pronounced. It states: "Global wealth is highly concentrated in North America, Europe, and high-income Asia-Pacific countries and regions. The citizens of these countries collectively own nearly 90% of the world's wealth." North America, with only 6% of the global adult population, holds 34% of the world's household wealth.
The wealthiest 10% of adults globally own 85% of the wealth, while the poorer half of adults hold just 1% of the global wealth.
James Davies, a professor of economics at the University of Western Ontario and one of the report's authors, stated: "Over the past 20 to 25 years, income inequality has increasingly worsened, which we believe has led to an increasingly unbalanced distribution of wealth."
The uneven distribution of global wealth has sparked controversy.
Politicians and economists have long been concerned about the vast gap between rich and poor countries, as they consider it one of the greatest obstacles to global development.
In 2000, the total value of global household assets was $125 trillion, equivalent to three times the global GDP. If this wealth were redistributed equally, each person would receive $20,500.
Among the world's largest economies, the United Kingdom ranks third globally with an average wealth of $126,832 per person, following Japan's $180,837 and the United States' $143,727. Developing countries lag far behind, with India at $1,100, Indonesia at $1,400, and Zimbabwe at $1,465. The Democratic Republic of Congo is at the bottom with only $180.
Duncan Green, head of Oxfam UK, said: "The inequality in global wealth distribution is astonishing. When 800 million people go hungry every day, we cannot consider this distribution of wealth appropriate. Those with vast wealth need only give up a small portion to change the lives of millions."
However, Madsen Pirie, head of the Adam Smith Institute, a UK free-market think tank, denies that there is unfairness in global wealth distribution. He said: "This report assumes that there is a fixed amount of wealth in the world, and that some people have taken too much. In reality, wealth is dynamic and constantly being created."We should not ask who created wealth in the past and then think about how to take that wealth from them. He stated that the current issue is how to enable more and more people to create wealth.
2% of World Population Holds 50% of Wealth
A global wealth survey released by a United Nations research institution on the 5th revealed that the wealthiest 2% of the global population controls over 50% of the world's wealth, while the relatively poorer 50% of the population holds only 1% of the wealth, indicating a severe global wealth disparity.
The report, titled "The Distribution of World Household Wealth," was published by the World Institute for Development Economics Research of the United Nations University. The wealth defined in the report is the sum of physical and financial assets minus liabilities. This is the first report of its kind to cover all countries and regions globally, and it is rare in focusing on wealth rather than income. The data cited in the report are from the year 2000.
The report points out that among the wealthiest 2% of the global population, each individual has assets exceeding $500,000. An adult with personal assets over $2,200 is considered among the wealthier half of the population, and over $6,100 places them within the top 10%. Of the global wealthiest 2%, 37% are from the United States, 27% from Japan, and less than 1% from mainland China. The financial institutions and internet sectors are the areas producing the most millionaires.
Global wealth is highly concentrated.
The report suggests that while global income levels are already unequal, the disparity in wealth distribution is even more pronounced. It states: "Global wealth is highly concentrated in North America, Europe, and high-income Asia-Pacific countries and regions. The citizens of these countries collectively own nearly 90% of the world's wealth." North America, with only 6% of the global adult population, holds 34% of the world's household wealth.
The wealthiest 10% of adults globally own 85% of the wealth, while the poorer half of adults hold just 1% of the global wealth.
James Davies, a professor of economics at the University of Western Ontario and one of the report's authors, stated: "Over the past 20 to 25 years, income inequality has increasingly worsened, which we believe has led to an increasingly unbalanced distribution of wealth."
The uneven distribution of global wealth has sparked controversy.
Politicians and economists have long been concerned about the vast gap between rich and poor countries, as they consider it one of the greatest obstacles to global development.
In 2000, the total value of global household assets was $125 trillion, equivalent to three times the global GDP. If this wealth were redistributed equally, each person would receive $20,500.
Among the world's largest economies, the United Kingdom ranks third globally with an average wealth of $126,832 per person, following Japan's $180,837 and the United States' $143,727. Developing countries lag far behind, with India at $1,100, Indonesia at $1,400, and Zimbabwe at $1,465. The Democratic Republic of Congo is at the bottom with only $180.
Duncan Green, head of Oxfam UK, said: "The inequality in global wealth distribution is astonishing. When 800 million people go hungry every day, we cannot consider this distribution of wealth appropriate. Those with vast wealth need only give up a small portion to change the lives of millions."
However, Madsen Pirie, head of the Adam Smith Institute, a UK free-market think tank, denies that there is unfairness in global wealth distribution. He said: "This report assumes that there is a fixed amount of wealth in the world, and that some people have taken too much. In reality, wealth is dynamic and constantly being created."We should not ask who created wealth in the past and then think about how to take that wealth from them. He stated that the current issue is how to enable more and more people to create wealth.