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Stop adding up the wealth of the poor

Monday, January 18, 2016

Category: Economics

Itâ€s the meme that refuses to die. It started, back in 2011, with the Waltons: six members of the family, we were repeatedly told, were worth as much as the bottom 30% of all Americans combined. I tried to address this silly stat back then, but now itâ€s gone global: back in January, Oxfam announced that the worldâ€s 85 richest people had the same wealth as the bottom half of the global population. And now Forbes has come along to say that, actually, itâ€s not 85 people â€" itâ€s a mere 67.

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