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7 | § ¶The Money Blogs
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8 8 | § ¶An Answer To An Interesting Question
-- Wealth Division
Ask Yahoo is a funny site. They come up with questions that many people may have asked themselves (and myself included) but have never had the inclination to do the research. The one I received today was: “How much money (in US$) would I get if we divided up all the wealth in the world into equal amounts?”.
The question was an interesting one. Many people believe that the ‘rich’ should give up a significant amount, or even most of their fortune to the ‘poor’. Those people may get the impression that if the ‘rich’ gave up their money to the ‘poor’, suddenly, most people may be living in a better situation.
Ask Yahoo concluded that we would all end up with a share of $6,685.92 wealth-equivalent per person. That amount of wealth-equivalent (assets, not necessarily cash) would not be enough to buy a house in the US economy, maybe to rent one for a few months. I bet most families in the US would have to give up their houses to even things out across the world. It may certainly improve the living conditions of people in developing economies. It may result in a fairer world – just not one that most of the readers of this document would welcome.
This leads me to conclude that the people of developed countries (including more than 90% of the people in the US) are extremely ‘rich’ and that to even things out in the world we would have to become extremely ‘poor’.