We’ve all heard the saying, the rich get richer and the poor get poorer. Unfortunately, I am not here to tell you it is a myth.
Swiss bank Credit Suisse released its latest Global Wealth Report outlining the increase in millionaires and widening inequality. To save you the trouble of reading the report, it underlines that the richest 1% now own more than half of all the world’s households wealth. Zucks, I’m looking at you, feel free to chuck a few dollars in my account, lord knows you already have all my details.
The report indicates that this inequality is only going to get worse over the coming years, with millennials (yes, that dreaded word) finding it tougher than previous generations, despite being better educated than their predecessors.
Researchers expect only a few “high achievers” and those who work in high-demand industries like tech and finance to buck the millennial disadvantaged trend. Do what you love and you’ll never have to work a day in your life, because that field probably isn’t hiring.
You don’t need me or a report to tell you that millennials are more likely to be unemployed, earning less, priced out of the housing market, blah, blah, blah.
Insert every other struggling millennial article here, telling us we are doing worse than our parents who had a house, two cars, two kids, and a partridge and a pear-tree when they were our age.
By 2022 researchers expect to see a 22% rise in millionaires, for those playing at home that’s an increase from 36 – 44 million people. Now this may seem like good news, but adults who have less than $10,000 is expected to reduce by only 4% in that same time. To put that in perspective 3.5 billion people (that is 70% of all adults in the world) own less than $10,000…you see the disparity here don’t you.
The OECD (Organisation for Economic Cooperation and Development) has analysed patterns and issued key findings that believe education and anti-discrimination policies, coupled with well designed labour market institutions and progressive tax and transfer systems can all reduce inequality.
Reducing income inequality while boosting economic growth is a difficult task to manage, and some may feel as though it is futile.
Do you think it is too late to do something about the widening inequality or do you believe there is still time to make a meaningful impact?
Just another millennial doing millennial things,