Monday, March 4, 2013


Global Financial Crisis: A World in Debt

The tab is $7.6 trillion for the “big 7” which are the countries where wealth is accumulated western style. Where did all that money go?

You’ll find $5.4 trillion in the hands of a mere 1,426 people, just like you and I, who get up in the morning, brush their teeth, have a cup of coffee, and go about their day. And, just like the rest of us, they will one day become “dust” in the winds of time.

In the interim this handful of people has been able to game the system better than anyone before and, by the looks of it, don’t plan on stopping anytime soon.

The ranks of the world’s billionaires, as monitored and tallied by our global wealth team, have yet again reached all-time highs. The 2013 Forbes Billionaires list now boasts 1,426 names, with an aggregate net worth of $5.4 trillion, up from $4.6 trillion. We found 210 new ten-figure fortunes. Once again the U.S. leads the list with 442 billionaires, followed by Asia-Pacific (386), Europe (366), the Americas (129) and the Middle East & Africa (103).

Led by Japan’s $3 trillion and the U.S.’s $2.8 trillion, the amount coming due for the Group of Seven nations and Brazil, RussiaIndia and China is up from $7.4 trillion at this time last year, according to data compiled by Bloomberg. 

The question then is, why are the rest of us being asked to pay the tab on the $7.4 trillion while less than 1,500 people are hoarding $5.4 trillion? Somehow it doesn't seem fair. But then, we all learned back in grade school that “fair” is just a word. And, it looks like they were right.