Americans Make Up Half of World's Richest 1%, World Bank Economist

Friday, 06 Jan 2012 07:35 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Occupy Wall Street Protesters need to occupy a mirror and look deep into its reflection before complaining of hardship, because by world standards, a good chunk of them probably are one percenters themselves, a World Bank economist concludes.

A person needs to take in $34,000 a year, after taxes, to be among the richest 1 percent in the world, and as of 2005 — the most recent data available — about half of them, or 29 million, lived in the United States, according to calculations by World Bank economist Branko Milanovic in his book "The Haves and the Have-Nots," CNNMoney reports.

Another four million live in Germany, and the rest are scattered across the globe.

"It doesn't seem right to define as middle class, people who would be on food stamps in the United States," Milanovic says.

The Occupy Wall Street movement reflects a deepening polarization and political paralysis in Western politics, experts say, and it won't end until real change comes to the political establishment

"Without decisive direction and leadership, we march in place or attempt to muddle through, uncertain of which path to take. The West is at such a moment," says Heather Conley, a former U.S. Under Secretary of State for European Affairs and now a senior fellow at the Center for Strategic and International Studies, according to Reuters.

"Only an external shock I fear will force us to take the uncertain (new) path. Or we will become so frustrated that the West will choose leaders who will take us in a radically new direction. I'm not sure our frustration level has reached that level, yet. But Europe may be arriving there soon."

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Bill Would Limit Transfer of Military Gear to Police

Tuesday, 16 Sep 2014 22:30 PM

Two members of Congress are trying to stop the military from arming local police forces with high-caliber weapons, grena . . .

Average American Woman's Waistline Grows to 39 Inches: CDC

Tuesday, 16 Sep 2014 16:40 PM

Americans' belt size continues to inch up, and women's waistlines are widening faster than men's, according to new gover . . .

Union Appeals Rice's Indefinite Suspension by NFL

Tuesday, 16 Sep 2014 22:08 PM

The NFL players' union appealed Ray Rice's indefinite suspension Tuesday night.Rice was originally handed a two-game sus . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved