Daniel JosephLeave a comment
Yesterday some of you might have read the article by Peter Martin on the SMH website stating that to be considered uber-rich you need to earn in excess of $688,700 in Australia. Earning this much places you in the top 0.1% of the population, while earning over $1,000,000 placed you in the top 0.05%. The article also found that since the 1980s in about almost every English-speaking country the inequality between the rich widened each and every year. The recent GFC wiped out the wealth of many people and even bankrupted many rich people in the upper income brackets. Under normal circumstances income inequality should shrink, not expand. How are the rich getting richer?