Summary of The Rise of the New Global Super-Rich

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The Rise of the New Global Super-Rich summary
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Recommendation

Chrystia Freeland, author of Plutocracy, examines the widening chasm between the ultra-rich and the rest of the population, the causes of the disparity, and the potentially devastating effects. Yet she leaves her audience with a reason to remain hopeful. getAbstract recommends her candid oration to the 99% who are wondering what’s happening to their paycheck.

About the Speaker

Chrystia Freeland wrote Plutocrats, a Financial Times Best Book of 2012.

 

Summary

Income inequality is escalating worldwide. In the 1970s, the wealthiest 1% of US society accounted for 10% of the country’s income. In 2013, their accumulated wealth amounted to more than 20%. In 2005, the fortunes of Bill Gates and Warren Buffett equaled the collective wealth of the bottom 40%, 120 million people. And such plutocrats are getting richer. The combined wealth of everyone on the Forbes 400 list in 1992 was about $300 billion; by 2013, it was $1.7 trillion. Meanwhile, the wealth of the middle class has “stagnated, if not actually decreased.” Even so, reaction to the widening gap has been sluggish. The wealthy don’t want to draw attention to it; the not-so-wealthy don’t want to face the...


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