A Quick Primer on Global Wealth

yachtWealth across the planet is distributed very unevenly. So is access to broadband. These two facts are related: broadband now tracks to areas with more wealth. In the future, when broadband is everywhere, we will have the opportunity to serve the poorest parts of the planet in ways heretofore impossible.

How unevenly distributed is wealth?

In 2017, Oxfam produced a report “An Economy for the 99%” which included a staggering statistic: The richest eight men in the world have as much wealth as the bottom 50% of the planet (around 3.6 billion people).

(For those keeping track at home, the richest eight men in early 2017 were Bill Gates, Amancio Ortega, Warren Buffett, Carlos Slim Helu, Jeff Bezos, Mark Zuckerberg, Larry Ellison, and Michael Bloomberg — combined wealth of around $425 billion.)

Oxfam’s calculations are based on the Credit Suisse Global Wealth Data Book 2016

While all eight of the richest men could fairly be described as “self-made”, that isn’t true for the majority of billionaires (9 out of 10 of whom are men), according to Oxfam analysis. Over half of the world’s billionaires inherited their wealth or work in industries prone to cronyism and corruption.

82% of the wealth created in 2016 went to the top 1%.

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