The Guardian view on the 1%: democracy or oligarchy? | Editorial | Opinion | The Guardian

A waiter pours a glass of sparkling wine at a display of luxury yachts, at the London Boat Show

the landmark World Inequality Report, a data-rich project maintained by more than 100 researchers in more than 70 countries, found that the richest 1% reaped 27% of the world’s income between 1980 and 2016. The bottom half of humanity, by contrast, got 12%. While the very poorest people have benefited in the last 40 years, it is the extremely rich who’ve emerged as the big winners. China’s economic rise has lifted hundreds of millions out of poverty but the wealth share held by the nation’s top 1% doubled from 15% to 30%. Such has been the concentration of wealth in India and Russia that inequality not seen since the time of the Raj and the tsar has reappeared. By 2030, the report warns, just 250 people could own 1.5% of all the wealth in the world.

via The Guardian view on the 1%: democracy or oligarchy? | Editorial | Opinion | The Guardian