And children suffer.
As of early 2019, the wealthiest one percent of the world’s population owned more than one half of the world’s wealth, according to a recent report by Credit Suisse. The total wealth in the world grew by 6 percent over the past 12 months to $280 trillion, creating the fastest wealth creation since 2012, according to the report.
Each year, thousands of the world’s richest and most powerful government officials, business and community leaders gather in Davos each January to define priorities and shape the global, industrial and regional agendas, according to a report by the World Economic Forum. A wealth-building exercise according to some, par none and very, very exclusive.
Worldwide, the report continues, billionaire wealth increased an average of $3.3 billion a day, representing a total increase of 12 percent from 2017. In the decade since the 2008 financial crisis, the number of billionaires in the world has nearly doubled. The data is based on the annual Forbes billionaires list
How much wealth does the top 10% of the world’s population control?
The top 10 percent of adults in the world hold 85 percent of the world’s wealth while the bottom 90 percent hold the remaining 15 percent of the world’s total wealth.
Imagine. Out of 7 billion people living on this planet, 700 million control three-quarters of the world’s wealth. How selfish and unfeeling is that? Why does one person need a billion dollars? Why does a family need 10 billion dollars? To put it into some form of perspective, imagine if someone gave you a million dollars and told you to spend $1,000 every day until you were broke. You would have with no money left in three years. Compare a million to a billion. If someone then gave you a billion dollars and you spent $1,000 each day, you would be spending for about 2,740 years before you went broke.
None of us can take our possessions with us when we go and as sure as taxes, we are all going to go at some point.
Maybe it’s time for a financial revolution. Time for 700 million human beings to realize they were not given two hands to grab as much as they can for themselves and their families. Two hands can be also used for giving. Many uber-wealthy though, have not heard of the word altruism. Many of them have created their wealth or inherited wealth created for them on the backs of third world nations. Its time for them to give back.
And it’s not just wealthy families and businesses. The amount of money spent annually on weapons is insane. Global military spending rose to $1.7 trillion in 2017, an increase of 1.1 percent over 2016, according to an arms watchdog, the Stockholm International Peace Research Institute (SIPRI). In other words, $285 dollars for every man, woman, and child on the planet. The Stockholm Insititute also revealed that China has increased its spending on its military arsenal in an upward trend that has continued for over two decades. In 2016, the latest Chinese figures available, the Chinese government’s official defense spending figure was $146 billion, an increase of 11% from the budget of $131 billion in 2014. The SIPRI rates China’s military budget as the second largest in the world behind the US. On March 16, 2017, Donald Trump submitted his request to Congress for $639 billion in military spending which represented a 10 percent increase for the financial year 2018 as well as $30 billion for the financial year 2017 that ended in September that year.
In North Korea, where a majority of its citizens live in abject poverty, where only 32 kilometers of road is paved and where electricity only functions sporadically, the government spends an estimated USD$6 billion annually on its military.
As anyone who reads newspapers or watches television news knows, there are many places around the world where children and their families live in abject poverty. If wealth was distributed evenly, starvation would be eliminated very quickly. Just using sub-Sahara Africa for example, due to recent fuel and food price increases, the cost to feed a child per day is now 25 cents.
Imagine? This is PER DAY! Not per meal.
Then imagine how many families and children one billion dollars could feed.
(To Be Continued)