The report further noted that the wealthiest 10 percent of households in Finland now account for more than half of the total net wealth. This is the first time this has happened in Finland in record-keeping history. By contrast, the poorest 50 percent of households own only four percent of net wealth.
That seems pretty bad, doesn't it. However, at a global level, 1% own 50% of the world's wealth. And that sounds really bad. But then, the 50 richest Americans have more wealth than the poorest 165,000,000 Americans. And at the global scale, the ten richest own more than the poorest 50%. That means,
10 people own more than 4,000,000,000 people.
When it comes to wealth distribution, we are doing a pretty terrible job of it. If wealth was oxygen, 1% would be fine - 9% of the global would be gasping for air - and 90% would suffocate.
And as stated in the article, one of the reasons for the reduction is wealth is the devaluation of the housing market due to the increase in interest rates. Yet, also as stated,
"The median value of one's own main dwelling has decreased compared to 2019, while the trend in housing loans has been upwards"
What this means is that people are taking higher loans at higher interest rates, but the value of what they are buying is reducing. Quite a strange turn of events, isn't it?
Pay more for less.
That is fine for lingerie, but it shouldn't be the case for housing. Yet, this is what has happened for decades already, where the "monetary value" of much of what we consume is not on par with the real value of what we are buying. We spend a huge amount more on products and services that provide nothing tangible in return. They have value for us in one regard, but that value can't be transferred or sold. And it is largely "short-lived" value, even at the personal level.
And less people can afford to buy a house.
Wealth disparity is a problem in most, if not all countries, I assume.
"While the wealth share of the wealthiest 10 percent has increased with each survey, in other deciles the trend has been going downward practically all the time,"
And it is only going to get worse, as technology eats into professional incomes, whilst paying out to passive investors. The rich will continue to get richer at an ever-increasing rate, because they are invested in what makes the rest poorer. And the poorer the rest get, the less chance they have to invest to try and close the gap - not that it matters, because that gap is now unassailable in the economy we have, because it is systemically rigged for wealth to increase wealth, at the expense of anyone below.
With what is going on with the global political situation now, it makes it worse again. The disruption that is caused at the top, is going to have a far more negative impact on the rest of us. So many people seem to think that one side or another of the government is looking out for them - but it is bullshit. No government cares about their people, they only care about the value those people can generate, either economically, or physically as a weapon - or a shield.
Do I sound jaded?
Yes.
Because the growing wealth gap isn't a new phenomena, it has been known for decades and nothing has been done about addressing it. Instead, more has been done to exploit it and make the problems exponentially worse. And it will keep getting worse because the system is now on a flywheel that just can't slow down. It is feeding itself, we are feeding it - and it is insatiable.
It doesn't end well.
And I think that it doesn't end well for anyone, if we remain on the same path. But, what needs to happen to course correct is so drastic, that no one is ever going to accept it, and anyone who suggests it, will be ridiculed. We have chosen to value the valueless more than the valuable, and we have been conditioned as if it is the only way things can be. Knowing what we know now though, if we were to go back to the drawing board, would we do anything differently?
It depends on if we want a few to succeed. Or everyone.
Taraz
[ Gen1: Hive ]
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My brother in Hive, I promise you it's worth it.
Watch this.
Gary is very articulate about the problem and the solution being a wealth tax. Governments seem remarkably reluctant to introduce this.
the witch hunters might light up new torches for us even having this conversation. But, Gary has all the receipts. I've been educating myself a lot with his videos.
💪
This talks about lots of the things discussed here over the last 8 years! :D
Gary spits fire.
That's a really powerful analogy comparing wealth to oxygen like that. Probably the best thing I read all day to be honest.
I am glad you liked it. I liked it too (if I do say so myself).
Having one of the highest total tax rates in the world kind of suggests it is built-in in the system. Many unique scams from "electricity transfer" fees to taxing neighbor help. Also the most obedient people, so there is never even an argument, when prices are hiked up.
Especially when all the business relations were cut to the biggest trade partner, the bankrupcies keep stacking up and unemployment follows. 1,6 million final social security cases a year within a small population is quite astonishing. Also media scaring with war propaganda like no tomorrow, people likely do not have high hopes for the future tho have some growth.
For sure. The trade-off used to be social welfare - but that is degrading fast. I have my own theories on those things though.
Absolutely! It is insanity. Yet, no one seems that concerned about it.
You have a different relationship than I do with the history - but if Russia has been struggling with Ukraine for three years - are they really a credible threat? (nukes aside - as that is humanity over)
The point is, russia is not a threat and it is just another excuse to rob and control the population. It works, since it has been used as the boogeyman culturally for generations.
I guess you are not a huge believer in "Trickle-Down Economics" that Republican part has preached for decades? I see wealth gap in USA increasing with Trump and Elon cutting government jobs to make rate cuts for the super wealthy :)
I am not sure how I should laugh at this... I don't think there are enough emojis! :D
For sure. It is like a last hurrah before it all collapses - like a dying star flaming out.
The wealth gap just keeps growing, and it's like no one in power actually wants to fix it. The whole "pay more for less" thing with housing is a serious situation. It's sad to say we may have gotten ourselves stuck in a system that’s designed to keep most people struggling while a tiny few get richer. It’s been like this for ages, and every time someone suggests real change, they get shut down by of course the already powerful people that love the system since they're the most favored from it. At this point, it’s like watching a slow motion train wreck
Whichever way you look at it, it is income injustice. One's wealth is other's poverty.
I think the world could use a few thousand Robin Hoods. 😛 They would steal from the rich and give to the poor.