According to the Guardian newspaper, we’re likely headed towards an unparalleled concentration of global wealth.
An alarming projection produced by the [UK] House of Commons library suggests that if trends seen since the 2008 financial crash were to continue, then the top 1% will hold 64% of the world’s wealth by 2030
The reason for this disturbing prediction? Wealth was already far too concentrated before the financial crashes of 2008. And since then,
the wealth of the richest 1% has been growing at an average of 6% a year – much faster than the 3% growth in wealth of the remaining 99% of the world’s population
And as far as I can tell, this prediction doesn’t take into account the potential impact of robots/AI, which sure looks like it’s going to create massive increases in inequality if we don’t change the rules of the road.
If we want our democracy to survive the age of robots/AI, figuring out what to do about jobs isn’t enough; we also have to confront head-on the concentration of wealth.