While Poorest Scapegoated, Analysis of 25 World's Wealthiest Families a Reminder of Inequality's Economic Drain
If the world needed yet another example of just how unequal the global economy has become, a new analysis of the top 25 wealthiest family dynasties published Saturday revealed that while 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 the Walton family, which controls the Walmart fortune, the Mars family, descendants of the candy empire, the Saudi Royal family, and 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 families.
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.