World income

World income is closing in on $70 trillion as the world population closes in on 7 billion so the average income is $10,000 per year. The total world wealth is $240 trillion. 71% of the people have only 3% or 7.2 trillion of the wealth. People with assets of over $100,000 represent 8% of the population but own 84% or $200 trillion of the total wealth. The 10 richest billionaires own $500 billion in assets. If we took that and gave it to the 71% who are poor they would each get $100. The 500 richest own $7 trillion in assets and giving that to the poor would provide each person with $1,500. For all of China’s history the people have been poor but all that began to change in 1980 when China’s ruling communist opened the door to the free market and allowed individuals to start their own business. Since that time their average income has increased from $1,000 per year to $8,000 per year. That represents and eight fold increase in 40 years. This is the approach that best helps people help themselves. Trying to help the poor by redistributing the money has never worked. Redistribution only works when you have a large number of people in each group. There have always been too many poor and too few rich to make this work. The technological advances in the western world have provided higher paid jobs in Asia which was the driving force behind the progress in China.