World's richest got even richer last year: report

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - The old saying holds true: The rich do get richer.

Even as world financial markets broke down last year, personal wealth around the world grew 5 percent to $109.5 trillion, according to a global wealth report released on Thursday by Boston Consulting Group.

It was the sixth consecutive year of expanding wealth. The fastest growth was among households in developing regions, such as China and the Gulf States and among families who were already rich.

That wealth also is increasingly concentrated among the richest.

The top 1 percent of all households owned 35 percent of the world's wealth last year. Meanwhile, the top 0.001 percent, ultra-rich households holding at least $5 million in assets, commanded $21 trillion -- a fifth of the world's wealth.

The planet also continues to mint new millionaires rapidly. The biggest jumps in 2007 came from emerging countries in Asia and Latin America. Overall, the number of millionaire households grew 11 percent to 10.7 million last year.

Read more: http://www.reuters.com/article/bondsNews/idUSN0437922320080904?sp=true

[sasquatch]

1. Thank you Boomers

:eyes:

[WriteDown]

2. Guess I can't blame them...

Its their turn....

"The biggest jumps in 2007 came from emerging countries in Asia and Latin America."

[Hugabear]

3. This is why fascism will never die

As long as the wealthy and mega-corporations continue to enrich themselves at the expense of the common worker, fascism will be a way of life for most of us.

[RUMMYisFROSTED]

4. Invest in pitchforks.

[Kablooie]

5. I'm so happy for them. Aren't you?

Well if you're not, plenty of Republicans are.

Wealthy AND poor Republicans are delighted about this.