Old Adage Proves True: In 2006, The Rich Got A Lot Richer
Friday March 9, 2007
The divide between the haves and have-nots continues to widen, not just in the US, but around the world. The latest indication of that gulf comes in the annual Forbes list of the wealthiest people in the world.
This year's report documents 946 billionaires -- 19 percent more than in 2006. The net worth of the world's billionaires increased 35 percent from 2005 to 2006.
The US economy grew only 3.4 percent in 2006. The CIA factbook reports that the world economy grew 4.4 percent in 2005; it estimated a 5.1 percent growth in 2006.
Whatever. The world's richest grew more rich at a much faster rate than the world economy as a whole.
The net worth of these 964 people: $3.5 trillion. Let's compare that with the GDP of the top five countries: US, $12.5 trillion; Japan, $4.5 trillion; Germany, $2.9 trillion; China, $2.3 trillion; UK, $2.2 trillion.