Oxfam report on rich bastards

The New York Times ran a story on Oxfam’s “warning about deepening global inequality”. It seems that 80 rich bastards have $ 1.9 trillion, “nearly the same amount shared by the 3.5 billion people who occupy the bottom half of the world’s income scale.”

Could this be right? The most valuable capital on the planet is human capital–the ability of people to produce stuff. The gross world product (GWP) is currently at about $ 75 trillion in nominal dollars (assuming that is also the unit for the $ 1.9 trillion). So if these 80 rich people wanted to be generous they could fund a 10-day vacation for everyone on the planet who is currently working. Ergo they are certainly rich but aren’t 3.5 billion people way richer if you factor in their ability to produce stuff?

Philip Greenspun’s Weblog

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