World Wealth

In this world that we lived in, the rule of the game is that (most of) the rich will gets richer and (most of) the poor will only get poorer. This sometimes upsets me but not because I am among the poor but because what I can see from this is the selfishness of human being. 

Let me quote this from World Institute for Development Economics Research of the United Nations University (UNU-WIDER),

“The richest 2% of adults in the world own more than half of global household wealth according to a path-breaking study released today (5 December 2006) by the Helsinki-based World Institute for Development Economics Research of the United Nations University (UNU-WIDER). 

The most comprehensive study of personal wealth ever undertaken also reports that the richest 1% of adults alone owned 40% of global assets in the year 2000, and that the richest 10% of adults accounted for 85% of the world total. In contrast, the bottom half of the world adult population owned barely 1% of global wealth.”

Then I started to put my thought into this matter and I though what if we commence a wealth limitation law? We could limit each person’s wealth to for example 10M USD. When I thought about this I start to wonder what are the consequence of this law? That is when I google it to see will anything come out.

Out of my expectation I found something very interesting, which is Huey Long’s Share Our Wealth program. Let me quote this from wiki,

“Major provisions of “Share Our Wealth"

The key planks of the Share Our Wealth platform included:

1. No person would be allowed to accumulate a personal net worth of more than 100 to 300 times the average family fortune, which would limit personal assets to between $1.5 million and $5 million. Income taxes would be levied to ensure this. Annual capital levy taxes would be assessed on all persons with a net worth exceeding $1 million.

2. Every family was to be furnished with a homestead allowance of not less than one-third the average family wealth of the country. Every family was to be guaranteed an annual family income of at least $2,000 to $2,500, or not less than one-third of the average annual family income in the United States. Yearly income, however, cannot exceed more than 100 to 300 times the size of the average family income.

3. An old-age pension would be made available for all persons over 60.

4. To balance agricultural production, the government will preserve/store surplus. This is made so no food is wasted.

5. Veterans are paid what they are owed

6. Education and training for all children to be equal in opportunity in all schools, colleges, universities, and other institutions for training in the professions and vocations of life.

7. The raising of revenue and taxes for the support of this program was to come from the reduction of swollen fortunes from the top, as well as for the support of public works to give employment whenever there may be any slackening necessary in private enterprise.”

After reading about it I found myself amaze by the program and hold some hope that one day this program will be executed and if when this happens, I am sure the world would be an easier place to live for everyone in. But this program might only be a dream because the world we lived in are control by the richest 10% and I’m quite sure they are not willing to let go of their 85% world wealth.