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'Global Oligarchy' Reigns as Top 1% Controls More Wealth Than Bottom 95% of Humanity
(www.commondreams.org)
this post was submitted on 23 Sep 2024
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i'm not sure, but the middle class in my third world country doesnt have even close to the buying power of the western middle class.
That's not how purchasing power parity works. You compare the incomes with the same power, no matter what class they are in their regional economy.
thats sort of what i mean. if i were to compare it like that, only our 1% would be on par with the western middle class.
Yeah, but there's still the issue that half the US fits that 60k metric and that's roughly 160 million people, or around 80 million working adults. So more than 1 percent of the global population right there. As I said above, the math doesn't math. This myth discounts the entirety of Europe and East Asia (China actually follows the US in number of high net worth people).
There's a way to talk about the difference in services and standards of living but spreading myths isn't it.