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Global wealth falls – a first since 2007

  • 18-10-2012 9:01am
    #1
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    http://www.financialexpress.com/news/global-wealth-falls-a-first-since-2007/1018143/0
    Paris: The combined wealth of all individuals has fallen this year for the first time since the financial crisis of 2007-08, with a drop in austerity-hit Europe outweighing a small increase in China, a Credit Suisse report has found. The study found the wealth of all individuals - defined as assets such as income, real estate, savings and investments less debt - fell 5 percent in dollar terms to $223 trillion by mid-2012 from the same time the year before.
    The main driver of the decline was crisis-hit Europe, where wealth fell 14 percent in dollar terms. But the study also attributed the fall to economic recessions in a broader range of countries, lower equity prices and relatively subdued housing markets.

    As if we didn't know already, even the rich aren't as rich as before...


Comments

  • #2
    mariaalice
    Registered Users, Registered Users 2 Posts: 12,630 ✭✭✭✭mariaalice


    Deleted User wrote: »
    As if we didn't know already, even the rich aren't as rich as before...

    Capitalism has failed!


  • #3
    Bruno Gentle Steak
    Posts: 0 CMod ✭✭✭✭ Bruno Gentle Steak


    What capitalism


  • #4
    jester77
    Registered Users, Registered Users 2 Posts: 11,264 ✭✭✭✭jester77


    mariaalice wrote: »
    Capitalism has failed!

    Socialism ftw


  • #5
    Ghandee
    Closed Accounts Posts: 6,653 ✭✭✭Ghandee




  • #6
    Dravokivich
    Moderators, Category Moderators, Music Moderators, Politics Moderators, Society & Culture Moderators Posts: 22,360 CMod ✭✭✭✭Dravokivich


    So... we're all poor?


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  • #7
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    mariaalice wrote: »
    Capitalism has failed!
    It's really down to limits to growth, "capitalism" requires an infinitely increasing supply of capital (money) to buy and sell an infinitely increasing supply of material/fuel/food to an infinitely increasingly wealthy population.

    So in those terms, yes it's failing.


  • #8
    Ghandee
    Closed Accounts Posts: 6,653 ✭✭✭Ghandee


    Dravokivich wrote: »
    So... we're all poor?

    Marginally poorer than the Chinese it seems.


  • #9
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    Ghandee wrote: »
    Marginally poorer than the Chinese it seems.
    But considerably richer than the average Chinese, most are still dirt poor.


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