America’s Oligarchs Will Control 70% Of National Wealth By 2021

Americas Oligarchs Will Control 70 Of National Wealth By 2021America’s rich just won’t quit getting richer, according to a new study released in mid-June by the Boston Consulting Group (BCG), a global management consulting firm.

The study, which seeks to analyze the global wealth management industry, as well as the evolution of private wealth, uncovered some startling statistics that suggest that global financial inequality will grow significantly by the year 2021.

The firm found that the already massive gap between the world’s wealthy elite – the approximately 18 million households that hold at least more than $1 million in assets – and everyone else is continuing to widen at a remarkable rate.

The estimated 70 million people who make up these households were found to control 45 percent of the world’s $166.5 trillion in wealth.

And in just four more years, it is estimated that they will control more than half of the world’s wealth, despite representing less than 1 percent of the world’s current population.

However, while rising inequality is a global phenomenon, it is especially pronounced in the United States.

While wealth inequality in the U.S. is by no means an unknown phenomenon, the U.S. is significantly more unequal than most other countries, with the nation’s elite currently holding 63 percent of the private wealth.

The U.S. elite’s share of national wealth is also growing much faster than the global average, with millionaires and billionaires expected to control an estimated 70 percent of the nation’s wealth by 2021.

The U.S.’ high wealth inequality largely owes to post-World War II government policies that have seen almost a quarter of all national income go to its wealthiest residents.

Meanwhile, wages for the majority of Americans have remained stagnant for decades – in contrast to the richest Americans, their future economic outlook is incredibly bleak by comparison.

The U.S. is also home to more billionaires and millionaires than anywhere else in the world, which partly explains how U.S. policy has come to favor them over the years. According to Bloomberg, two out of five millionaires and billionaires live in the United States – and their ranks are growing.

While the world’s richest citizens may be pleased by the results of BCG’s recent study, there is plenty for them to be worried about if history is any indicator.

Indeed, history shows that societies with drastic wealth inequality are much more unstable and more likely to experience drastic economic failure or outright societal collapse.

For instance, a 2014 study conducted by the National Socio-Environmental Synthesis Center noted that over-consumption and wealth inequality have occurred in the collapse of every civilization over the last 5,000 years.

That same study also warned that rising inequality could easily lead to an unsustainable use of resources and the “irreversible collapse” of global industrial civilization.

This warning seems particularly prescient, given that wealth inequality in the U.S. is well above that of past civilizations that eventually collapsed as a result of these factors.

For example, at the time of the collapse of the Roman Empire, the top 1 percent of the Roman elite controlled just 16 percent of the society’s wealth, a measly figure compared to the percentage commanded by the 1-percenters of the U.S.

While the BCG study paints a rosy picture for the world’s millionaires and billionaires, particularly in the United States, they should be gravely concerned that their growing accumulation of wealth could have drastic consequences – not just for those poorer than them, but for everyone.

Find us here

Get news from the CSGLOBE in your inbox each weekday morning

The views and opinions expressed in this article are those of the authors/source and do not necessarily reflect the position of CSGLOBE or its staff.

Paid content

Top Ten Most Evil Dictators of All Time (in order of kill count)

Some people make horrible decisions, others are just bad presidents, a few are bloodthirsty, many are extremists, a couple are warmongers, and all of...

Society Controls Us

Society controls us. To state this sounds fairly obvious but there’s more to this than meets the eye. On one level we could say that...

The Vagus Nerve and the Healing Promise of The Sudarshan Kriya

At the center of our bodies resides a long, sinewy nerve that extends all the way from our medullas down through our chests to...

What's New Today

Georgia House Votes To Allow Citizens To Abolish Police Departments In The State

The Georgia House backed an effort on Friday to dissolve the Glynn County Police Department and any...

Leaked CDC document contradicts Pence claim that U.S. coronavirus cases ‘have stabilized’

Even as Vice President Mike Pence wrote in a Wall Street Journal op-ed published Tuesday that coronavirus...

Five bombshells about Trump from Bolton ‘s book

Excerpts from former national security adviser John Bolton ’s book about his time in the Trump administration...

Don’t Listen to Fox. Here’s What’s Really Going On in Seattle’s Protest Zone.

It seems I live in a city undergoing a “totalitarian takeover” that will lead to “fascist outcomes”...

MOST READ

What Is Agenda 21? Depopulation of 95% of the World By 2030

Most people are unaware that one of the greatest threats to their freedom may be a United Nations program which plans to depopulate 95%...

Bombs Have Been Dropped in Nevada – U.S. is Responsible

Apparently, America is now using Nevada's land to test bombs. With each passing day, the U.S. continues to follow their own personal agenda. A report did reveal...

Oklahoma High Schooler’s Carbon Discovery Elicits Wonder From Experts

Taking teenage rebellion to a new level, Oklahoma high school senior George Wang stunned teachers and fellow students when in April he co-authored a...

Top Ten Most Evil Dictators of All Time (in order of kill count)

Some people make horrible decisions, others are just bad presidents, a few are bloodthirsty, many are extremists, a couple are warmongers, and all of...

The Truth About The Wars of the USA

Do our politicians ever lie to justify war? It's easy to believe politicians in other countries lie to justify their wars. And it's even easy...

Physicists Find Evidence That The Universe Is A ‘Giant Brain’

Here is a story worth sharing. We often speak of the universe being a reflection of ourselves, and point to how the eye, veins,...

WikiLeaks Reveals “Marble”: Proof CIA Disguises Their Hacks As Russian, Chinese, Arabic…

WikiLeaks’ latest Vault 7 release contains a batch of documents, named ‘Marble’, which detail CIA hacking tactics and how they can misdirect forensic investigators...

Before the Fall: Evidence for a Golden Age

If you asked them what life was like in prehistoric times, most people would conjure up an image like the famous opening scenes of 2001:...

China’s Richest Man Jack Ma, Buys 28k Acres Of US Wilderness To Preserve It

Co-founder of online shopping giant, Alibaba, Jack Ma, has decided to invest $23 million of his own money in a huge chunk of land...

Melania Trump Divorce Rumors Kick Up After ‘Hollywood Life’ Reports That She’s Too Disgusted To Look At Donald

Melania Trump is facing a new round of divorce rumors after a report claims that the first lady is so humiliated and furious at...

1984 & 9 Other Eye-Opening, Must Read Books

With George Orwell’s classic book, 1984, trending in the U.S. right now, it’s time we also take a look at other books that are...