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Whose recession?

Two multi-millionaires sharing the good news

The rich are getting richer and that’s official. Despite a government cabinet filled with multi-millionaires telling the rest of us we need ‘austerity measures’ because of the global recession and economic crisis, 2010 turned out to be a pretty good year for the worlds wealthy.

According to 15th annual World Wealth Report compiled by financial services giants Capgemini and Merrill Lynch the number of wealthy in the world and the amount of wealth they have is at an all time high. Which begs the question where is all this money coming from? And where is it going?

The figures published in the report relate to ‘high net worth individuals’ – people who have investable financial assets exceeding $1million, and show that the accumulated wealth of the world’s millionaires actually increased by 9.7% in 2010, to a total of $42.7 trillion. To put that into some perspective the gross domestic product (GDP) of the USA, the highest of any country in the world, only came to $14.6 trillion last year. GDP is the total value of all goods and services produced within a country.

Not only that but the number of millionaires increased as well to an all time high of 10.9 million. To add insult to injury those who have assets exceeding $30million did even better increasing their accumulated wealth by 11.5%. This is at a time when funding to essential services are being cut, teachers sacked and people thrown off incapacity benefits to save the government money.



Article originally appeared in Freedom #7213 Freedom newspaper can be purchased directly from our shop or available at any good radical bookshop/social centre.

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1 Comment to Whose recession?

  1. July 2, 2011 at 2:50 pm | Permalink

    We have to rememember of course that ‘we are all in this together’ D. cameron
    As somebody claiming jobseekers this really sticks with me.