Wealth Of World's Ten Richest Men Now Greater Than GDP Of 85 Poorest Countries
Bernie Sanders appears on track to clinch the Democratic nomination to the consternation of the DNC, and every American voter who abhors his vision of a 'Democratic socialist' society has been reflecting on the successes and failures of capitalism. Of course, over the past ten years, there's no question that economic inequality has widened, if only because the Federal Reserve and the rest of the central banks embarked on an unprecedented experimented in loose monetary policy.
Now, as LearnBonds pointed out in a recent report, the cumulative wealth of the world's ten richest people is now larger than the aggregate GDP of 85 impoverished countries.
According to IMF figures for 2019 released back in October, the poorest 85 countries have a combined GDP of $813 billion. For comparison, by LB's count, the net worth of the world's 10 wealthiest individuals is $858.1 billion.
In a bar chart, LB offers a few more helpful comparisons:
https://www.zerohedge.com/markets/wealth-worlds-ten-richest-men-now-greater-gdp-85-poorest-countries