by Jon Queally
August 10, 2019
A photograph of Wal-Mart founder
Walton and his family
displayed at the Wal-Mart museum,
17, 2005 in Bentonville, Arkansas.
Wal-Mart operates many thousands of stores
the U.S. and abroad.
fiercely anti-union and media-shy company
target of critics and the Walton family
the wealthiest on the planet.
by Gilles Mingasson/Getty Images)
funny that the real truth
is not coming
from the south
like some would
like you to believe
- the sucking
sound draining the middle-class
is the 1
percent... Just saying"...
If the world needed yet another example of just
how unequal the global economy has become,
a new analysis by Bloomberg of the top 25 wealthiest family dynasties
published Saturday revealed that,
one out of ten
people in the world live on less than $2.00 per day, these super
rich families now control a total of $1.4 trillion in assets and
are making as much as $4 million every single hour...
According to Bloomberg,
the numbers are "mind-boggling" and include a look at - just to name
a few - the fabulous riches of,
family, which controls the Walmart fortune
the Mars family,
descendants of the candy empire
the Saudi Royal
the infamous Koch
brothers, the right-wing libertarians who inherited their
father's oil, gas, and other holdings...
Notable in the new
analysis is not just the size of the massive wealth these families
now have, but just how exponentially it has grown, especially
compared to others in the economy - both in the last several decades
and over the last 12 months.
As Bloomberg points out:
Even in this era of
extreme wealth and brutal inequality, the contrast is jarring.
The heirs of Sam
Walton, Walmart’s notoriously frugal founder, are amassing
wealth on a near-unprecedented scale - and they're hardly alone.
The Walton fortune has swelled by $39 billion, to $191 billion,
since topping the June 2018 ranking of the world’s richest
Other American dynasties are close behind in terms of the assets
they've accrued. The Mars family, of candy fame, added $37
billion, bringing its fortune to $127 billion.
The Kochs, the
industrialists-cum-political-power-players, tacked on $26
billion, to $125 billion.
So it goes around the globe. America’s richest 0.1% today
control more wealth than at any time since 1929, but their
counterparts in Asia and Europe are gaining too.
Worldwide, the 25
richest families now control almost $1.4 trillion in wealth, up
24% from last year.
Nations issued a
scathing report which warned that escalating income
and wealth disparities across the world was creating economic and
The report, put forth by
the U.N. Development Program (UNDP), cautioned leaders that
if unaddressed the trend of inequality would,
"undermine the very
foundations of development and social and domestic peace."
Earlier this year, Oxfam
also warned that global wealth inequality was "out of
control" and urged immediate far-reaching action.
"Our economy is
broken," the group said at the time.
"Hundreds of millions
of people living in extreme poverty while huge rewards go to
those at the very top. There are more billionaires than ever
before, and their fortunes have grown to record levels.
world's poorest got even poorer."
So while the Trump
administration in the United States and other right-wing forces
advocating on behalf of the global oligarchy continue to tell
workers and struggling families around the world that the threat to
their jobs" or "socialists trying to provide better wages and
more universal protections",
...others pointed to the
new Bloomberg analysis as an alternative explanation for why there
seems to be less and less for some people in the economy while the
ultra-rich continue to amass fortunes at breakneck speed.
As reported on August 04 in
an analysis by Dallas Morning
News finance, columnist Scott Burns found that if current
trends continue, the wealthiest Americans,
"will truly 'have it
all' just 33 years from now" as they gobble up a larger and
larger share of the overall economic pie.
"However you slice it, the rich have been getting richer. Lots
richer," Burns wrote.