Tuesday, November 14, 2017

REPORT: AMERICANS WITHOUT DEGREES WORSE OFF THAN 40 YEARS AGO...... OPEN BORDERS AND NON-ENFORCEMENT DEPRESSES WAGES!

THERE IS NOT ONE 



BILLIONAIRE OUT THERE 


THAT DOES NOT DEMAND 


WIDER OPEN BORDERS, 


NO CAP ON H-1 VISAS, NO 


E-VERIFY AND NO LEGAL 


NEED APPLY... it's all about 


keeping wages depressed!




OPEN BORDERS:


"Because of the successful cheap-labor strategy, wages for men have remained flat since 1973, and a growing percentage of the nation’s annual income is shifting to investors and away from employees."

Homeless Crisis in Los Angeles Worst Since Great Depression




The number of homeless people living on Los Angeles’s Skid Row is the worst the city has seen since the Great Depression.

This year, nearly 2,500 homeless and near-homeless men, women and children were served Thanksgiving lunch on Skid Row and in Pasadena and Canoga Park. “We haven’t seen numbers like this since the Great Depression,” Georgia Berkovich, the director of The Midnight Mission’s public affairs department, told the Los Angeles Times.
In 2014, Breitbart News went to Skid Row to help deliver Thanksgiving meals to nearly 300 people. The meals were provided by My Friends House Foundation and Fair Game food truck.
The Fred Jordan Mission, which is located nearby, reportedly served over a ton of turkey drumsticks, 500 pounds of mashed potatoes, 80 gallons of gravy, 560 pounds of candied yams, 585 pounds of green beans, glazed carrots, and 400 pumpkin pies.
The Los Angeles Times also notes that over 2,000 people were served a sit-down meal of turkey with trimmings at the 30th annual Community Thanksgiving Day Dinner for San Fernando Valley homeless and low-income families at the Guadalupe Community Center in Canoga Park.
The homeless epidemic that has swept Los Angeles has become so bad that in August, the Los Angeles County Board of Supervisors approved a program to pay homeowners up to $75,000 to house homeless people on their own properties.
In January, the Times noted that although New York City remains the number one city for homelessness in America, Los Angeles leads the nation in the number of “unsheltered” homeless people.
Meanwhile, in Northern California, Oakland Mayor Libby Schaaf called on her constituents to open their doors and residences to the city’s homeless during her annual State of the City address earlier this month.
“Give up that Airbnb. Fix up that back unit,” Schaff said according to the San Francisco Chronicle.
Adelle Nazarian is a politics and national security reporter for Breitbart News. Follow her on Facebook and Twitter.




Report: Americans Without College Degrees Worse Off than 40 Years Ago



Americans without a college degree are worse off than they were 40 years ago, according to a report published by Bank of America Merrill Lynch.

Although real wages for those with a college degree have risen, they have remained static for those with only a high school education. A report from Bank of America Merrill Lynch revealed that wage levels are stuck at low levels for non-college educated Americans.
“Wage growth has been slow to recover [since the Great Recession] on aggregate with only 2.4% yoy nominal wage growth as of October. However, there are differences by education with relative weakness for less educated men,” two Bank of America Merrill Lynch analysts wrote in the report. “This shows the demand shift away from this population, leaving them on the fringe of the labor force.”

The report highlighted the decline in male participation in the labor market. The percentage of American men aged 25-65 who are working or are actively seeking work has steadily fallen since 1960. Some of this can be attributed to a notable drop in the percentage of males who are seeking a college education.
“Although a significant minority of males continues to reach the highest echelons of achievement in education and labor markets, the median male is moving in the opposite direction,” MIT researchers wrote. The reason for such a shift isn’t entirely clear yet.
Some argue that the wages for non-college aged Americans have stagnated as a result of globalization and automation. The decline in manufacturing jobs has had a profound effect on non-college educated workers.
“Automation has eaten away at manufacturing jobs and will likely continue to do so. Some argue retail is the next sector to see a significant hollowing out, which is notable because the sector employs way more people than manufacturing does. Plus, the Great Recession slammed US industries across the board, and rural areas have still struggled to recover,” Business Insider wrote in an August report on jobs.









THE ONCE GOLDEN STATE of CALIFORNIA, NOW 


A LA RAZA MEX WELFARE STATE, IS No. 48 OF 50 


STATES IN LOWER EDUCATION!

 

MEXICANS LOATHE LITERACY AND ENGLISH… 


SUCH APES THE GRINGO WHOM THEY HATE!

 

http://mexicanoccupation.blogspot.com/2017/08/heres-reason-why-ca-schools-are-no.html

 

 

“Mexicans abhor education. In their country, illiteracy dominates. As they arrive in our country, only 9.6 percent of fourth generation Mexicans earn a high school diploma. Mexico does not promote educational values. This makes them the least educated of any Americans or immigrants. The rate of illiteracy in Mexico stands at 63 percent." FROSTY WOOLDRIDGE


“Third-generation Latinos are more often disconnected — that is, they neither attend school nor find employment.” Kay S. Hymowitz 


"Because of the successful cheap-labor strategy, wages for men have remained flat since 1973, and a growing percentage of the nation’s annual income is shifting to investors and away from employees."


JOE LEGAL v LA RAZA JOSE ILLEGAL

Here’s how it breaks down; will make you want to be an illegal!



JOBS FOR LEGALS? 95 MILLION LEGALS GIVE UP HOPE FOR A JOB IN THEIR OWN COUNTRY.
A Nation unravels and Mexico invades, occupies and loots

AMERICA: NO LEGAL NEED APPLY

REPORT: The assault to finish off the American middle-class is NOT over


“The report noted that many illegals don't have jobs or have difficulty in landing good jobs because of local laws.”

“However, it identified several states that have begun easing employment laws so that illegals can get a job.”

MARK ZUCKERBERG AND OTHER TECH BILLIONAIRES SAY HELL NO TO PAYING LEGALS LIVING WAGES… not when there’s boatloads of Chinese ready to take our tech jobs and work cheap!


DACA Migrants Have One-Quarter College-Graduation Rate of Americans




Only four percent of ‘DACA’ recipients have completed college, far below the roughly 17 percent of similar-aged young Americans who have college degrees, according to data released by the Migration Policy Insitute, which favors immigration.

The data means that average DACA beneficiaries are far less educated and less productive than Americans, and if ever awarded an amnesty, will be far more likely to rely on taxpayers’ aid throughout their lives. According to the MPI report:
While DACA recipients are almost as likely as U.S. adults in the same age group (15-32) to be enrolled in college (18 percent versus 20 percent), they are far less likely to have completed college (4 percent versus 18 percent).
However, the DACA beneficiaries comprise only one-third of the roughly 1.78 million young illegals who are aged 15 or older in September 2017, according to the MPI data. If the roughly 30,000 DACA beneficiaries with four-year college degrees are compared to this larger group of 1.78 million, then only 1.7 percent of young ‘dreamer’ illegals aged 15 to 32 hold four-year college degrees.
That ‘dreamer’ graduation rate is just one-tenth of the 17 percent of similar-aged Americans who hold four-year college degrees.
The new data contradicts media-magnified claims by Democrats and business groups that the 690,000 young DACA illegals and the at least 2 million ‘Dreamers’ can rejuvenate the U.S. economy and culture in ways that mere Americans cannot accomplish. For example, FWD.us, a lobbying group created by Silicon Valley investorsdeclared in September 2017 that:
Dreamers are vital to the future of our companies and our economy. With them, we grow and create jobs. They are part of why we will continue to have a global competitive advantage.
The FWD.us group was formed to increase the supply of foreign white-collar workers, and it is using the DACA controversy to attack political support for President Donald Trump’s popular pro-American immigration reform principles.
Similarly, Tim Cook, the CEO of Apple, insisted in September the DACA amnesty is “the biggest issue of our time,” that Americans are inhuman for not supporting a no-strings amnesty, that DACA illegals are better Americans than Americans, and each illegal is as useful to the economy as billionaire Mike Bloomberg:
This is the biggest issue of our time because this goes to the values of being American. This is ‘Are we human’? ‘Are we acting in a track of morality?’ right? These people … At Apple we have many … they love America deeply. When you talk to them, I wish everyone in America loved American this much. They have jobs, they pay taxes, they are pillars of their community, They’re incredible people, and so, to me, it would be like someone coming to Mike [Bloomberg] and saying ‘Mike, I just found out you aren’t really a citizen here, you need to leave.’ This is unacceptable. This is not who we are as a country, and so I am personally shocked that there is even a discussion of this.
Democrats want to provide a ‘Dream Act’ amnesty to at least 3 million of the younger illegals, which would also allow them to bring in roughly 10 million chain-migration relatives from Mexico and other countries. In September 2017, the two top Democratic leaders in the House and Senate — Rep. Nancy Pelosi and Sen. Chuck Schumer —  declared:
In our home communities, there are Dreamers like Jessica and Javier. Jessica was brought to the United States at the age of 2 and did not know she was undocumented until middle school. In 2011, she secured a full-merit scholarship to the Macaulay Honors College at CUNY and started on her journey to becoming a doctor.
Javier studied economics and biotechnology at California State University in Northridge. He worked as a software engineer in Silicon Valley and is now a young entrepreneur. What kind of country would we be if we closed the door on Dreamers? What kind of country would we be, if we say that Jessica, Javier, and 800,000 hard-working young people just like them, are not welcome here?
We have both met Dreamers and heard their stories. We know that these young people represent what’s great about our country and they should be allowed to stay. They are an integral part of our communities, and their stories, their tenacity and fearlessness make them as American as apple pie.
The MPI data shows a much more modest contribution by the 382,000 illegals who hold jobs because of their DACA work-permits.
The occupations most commonly employing DACA holders are food preparation and servicing (16 percent, or 60,000 workers), dales (14 percent, or 54,000 workers) and office and administrative support (2 percent, or 47,000 workers) … About 5,000 work as health-care practitioners…. Almost 3,000 each work in business operations and in computer or mathematical operations.
The MPI’s data shows that only 6,000 — or  1.6 percent — of the 382,000 DACA job-holders work in white-collar technology-related occupations. That number is 0.9 percent of DACA holders, and 0.34 percent of the ‘dreamer’ population aged 15 to 32. Another 9,000 DACA-holders work as teachers or teachers’ aides, says the MPI estimate.
The low academic performance of the DACA recipients likely has many causes, including their parents’ inability to pay the financial costs of U.S. college, the low quality of schools in the migrants’ home countries, and the limited ambitions and abilities of their parents, many of whom were peasants or uneducated urban workers who were admirably determined to build a better lives for themselves and their children.
Other studies show that most migrants perform very poorly in Americans schools. For example, a study released November 1 by the Anne E. Casey Foundation showed incredibly poor reading and math proficiency of fourth grade and eight-grade immigrants. According to a report in Breitbart News:
“On most of the measures we track in Race for Results, children in immigrant families fare worse than those in U.S.-born families,” the study authors purport. “Especially troubling are the large gaps in many of the education measures of both children and their parents.”
For children in the 4th grade living in immigrant families, only eight percent scored at or above the proficiency level in reading. In math, the proficiency rate is even worse, with only five percent of 8th graders in immigrant households scoring at or above the proficiency level.
Compare these statistics to that of children who are born in the U.S. to non-foreign families, where 38 percent of 4th graders scored at or above the reading proficiency level and 34 percent of 8th graders scored at or above the math proficiency.
Poor education levels translate into slower productivity growth, ensuring that Americans and their children remain poorer than otherwise and that American’s economy remains smaller that is possible with higher productivity growth.
Federal data shows that the low educational level of migrants also ensures lifetime dependence on taxpayers’ aid and welfare, including Obamacare. For example, a 2015 report by the Center for Immigration Studies showed:
In 2012, 51 percent of households headed by an immigrant (legal or illegal) reported that they used at least one welfare program during the year, compared to 30 percent of native households. Welfare in this study includes Medicaid and cash, food, and housing programs 
Welfare use varies among immigrant groups. Households headed by immigrants from Central America and Mexico (73 percent), the Caribbean (51 percent), and Africa (48 percent) have the highest overall welfare use. Those from East Asia (32 percent), Europe (26 percent), and South Asia (17 percent) have the lowest …
The large share of immigrants with low levels of education and resulting low incomes partly explains their high use rates. In 2012, 76 percent of households headed by an immigrant who had not graduated high school used one or more welfare programs, as did 63 percent of households headed by an immigrant with only a high school education …
The high rates of immigrant welfare use are not entirely explained by their lower education levels. Households headed by college-educated immigrants have significantly higher welfare use than households headed by college-educated natives — 26 percent vs. 13 percent.
The MPI study differs sharply from prior estimates issued by advocacy groups, such as the Center for American Progress.
Four million Americans turn 18 each year and begin looking for good jobs in the free market.
But the federal government inflates 

the supply of new labor by annually 

accepting 1 million new legal 

immigrants, by providing almost 2 

million work-permits to foreigners, by 

providing work-visas to roughly 

500,000 temporary workers and doing 

little to block the employment of 

roughly 8 million illegal immigrants.
The Washington-imposed economic policy of mass-immigration floods the market with foreign laborspikes profits and Wall Street values by cutting salaries for manual and skilled labor offered by blue-collar and white-collar employees. It also drives up real estate priceswidens wealth-gaps, reduces high-tech investment, increases state and local tax burdens, hurts kids’ schools and college education, pushes Americans away from high-tech careers, and sidelines at least 5 million marginalized Americans and their families, including many who are now struggling with opioid addictions.
The cheap-labor policy has also reduced investment and job creation in many interior states because the coastal cities have a surplus of imported labor. For example, almost 27 percent of zip codes in Missouri had fewer jobs or businesses in 2015 than in 2000, according to a new report by the Economic Innovation Group. In Kansas, almost 29 percent of zip codes had fewer jobs and businesses in 2015 compared to 2000, which was a two-decade period of massive cheap-labor immigration.
Because of the successful cheap-labor strategy, wages for men have remained flat since 1973, and a growing percentage of the nation’s annual income is shifting to investors and away from employees

Why Mexicans and Others Keep Invading America: No E-Verify

By Frosty Wooldridge

NewsWithViews.com

Note that the simplest method to stop endless illegal immigration remains a mandatory: E-Verify Bill. It would force employers to check legal status of every employee to be a U.S. citizen or immigrant with working papers—or that employer faces prosecution. If illegals can’t work jobs, they can’t support themselves. Ironically, laws on the books cost illegal alien employers $2,000.00 per each illegal hired and up to five years in prison.

But, of course, the federal government, even under Trump, refuses to enforce the laws on the books.

Note that former House Speaker John Boehner never allowed E-Verify to escape committee to be voted upon. Same with Speaker Paul Ryan and Senate majority leader Mitch McConnell! Only one explanation glares out at you: corruption and payoffs by lobbyists from major corporations keep that bill smothered in committee.

Take a look at the two senators and House member of your state. They cheat you daily out of tax dollars, educational dollars, medical care dollars, food stamp dollars and much more because they won’t do squat to pass or enforce laws to stop the invasion of America via all categories of immigration.

. . .
https://newswithviews.com/why-mexicans-and-others-keep-invading-america-no-e-verify/


JOBLESS AMERICA: Push 2 for English and go to the front of the line!
95 MILLION AMERICANS (Legals) HAVE NO WORK AS THE BORDERS ARE FLOODED WITH FOREIGNERS SUCKING UP JOBS, WELFARE AND VOTING DEMOCRAT FOR MORE!

TWITTER TRUMPER’S PROMISE TO DEMS & MEXICO: NO (real) WALL, NO E-VERIFY and NO ENFORCEMENT of DACA
WHILE THE SWAMP KEEPER TWITTER TRUMPER SERVES THE SUPER RICH…. The wall remains a joke on Legals and HUNDREDS OF STORES across America’s OPEN BORDERS are being shuttered by the hundreds!

DACA WITH STOLEN SOCIAL SECURITY NUMBERS…. How many other laws did these Mex flag wavers break?


Experts: 44 Percent of DACA Illegal Aliens Worked Without Valid Social Security Numbers – JOHN BINDER
Mexicans cheat, distribute drugs, lie, forge documents, steal and kill as if it’s a normal way of life. For them, it is. Mexico’s civilization stands diametrically opposed to America’s culture. FROSTY WOOLDRIDGE

ONE AMERICAN COUNTY….under Mex 

occupation

LOS ANGELES COUNTY HANDS MEXICO’S ANCHOR BABY 

BREEDERS MORE THAN A BILLION PER YEAR.
                                                                                                                           

IN THE CITY OF LOS ANGELES, MEXICANS COMMIT 93% OF THE MURDERS!


Adios, California           
A fifth-generation Californian laments his state’s ongoing economic collapse.
By Steve Baldwin
American Spectator, October 19, 2017
What’s clear is that the producers are leaving the state and the takers are coming in. Many of the takers are illegal aliens, now estimated to number over 2.6 million. 
The Federation for American Immigration Reform estimates that California spends $22 billion on government services for illegal aliens, including welfare, education, Medicaid, and criminal justice system costs. Liberals claim they more than make that up with taxes paid, but that’s simply not true. It’s not even close. FAIR estimates illegal aliens in California contribute only $1.21 billion in tax revenue, which means they cost California $20.6 billion, or at least $1,800 per household.

Nonetheless, open border advocates, such as Facebook Chairman Mark Zuckerberg, claim illegal aliens are a net benefit to California with little evidence to support such an assertion. As the Center for Immigration Studies has documented, the vast majority of illegals are poor, uneducated, and with few skills. How does accepting millions of illegal aliens and then granting them access to dozens of welfare programs benefit California’s economy? If illegal aliens were contributing to the economy in any meaningful way, California, with its 2.6 million illegal aliens, would be booming.

Furthermore, the complexion of illegal aliens has changed with far more on welfare and committing crimes than those who entered the country in the 1980s. 
Heather Mac Donald of the Manhattan Institute has testified before a Congressional committee that in 2004, 95% of all outstanding warrants for murder in Los Angeles were for illegal aliens; in 2000, 23% of all Los Angeles County jail inmates were illegal aliens and that in 1995, 60% of Los Angeles’s largest street gang, the 18th Street gang, were illegal aliens. Granted, those statistics are old, but if you talk to any California law enforcement officer, they will tell you it’s much worse today. The problem is that the Brown administration will not release any statewide data on illegal alien crimes. That would be insensitive. And now that California has declared itself a “sanctuary state,” there is little doubt this sends a message south of the border that will further escalate illegal immigration into the state.

Indeed, California goes out of its way to attract illegal aliens. The state has even created government programs that cater exclusively to illegal aliens. For example, the State Department of Motor Vehicles has offices that only process driver licenses for illegal aliens. With over a million illegal aliens now driving in California, the state felt compelled to help them avoid the long lines the rest of us must endure at the DMV. 
And just recently, the state-funded University of California system announced it will spend $27 million on financial aid for illegal aliens. They’ve even taken out radio spots on stations all along the border, just to make sure other potential illegal border crossers hear about this program. I can’t afford college education for all my four sons, but my taxes will pay for illegals to get a college education.


OPEN BORDERS:

IT'S ALL ABOUT KEEPING WAGES DEPRESSED AND PASSING ALONG THE ILLEGALS' WELFARE AND CRIME COSTS TO THE AMERICAN MIDDLE CLASS!



“That Washington-imposed policy of mass-immigration floods the market with foreign laborspikes profits and Wall Street values by cutting salaries for manual and skilled labor offered by blue-collar and white-collar employees. It also drives up real estate priceswidens wealth-gaps, reduces high-tech investment, increases state and local tax burdens, hurts kids’ schools and college education, pushes Americans away from high-tech careers, and sidelines at least 5 million marginalized Americans and their families, including many who are now struggling with opioid addictions.” ---- NEIL MUNRO


ILLEGALS & WELFARE
70% OF ILLEGALS GET WELFARE!

Nearly One Million Sex Crimes Committed by Illegal Immigrants In The United States.

“According to the Centers for Immigration Studies, April '11, at least 70% of Mexican illegal alien families receive some type of welfare in the US!!! cis.org”
CIS

So when cities across the country declare that they will NOT be sanctuary, guess where ALL the illegals, criminals, gang members fleeing ICE will go???? straight to your welcoming city. So ironically the people fighting for sanctuary city status, may have an unprecedented crime wave to deal with along with the additional expense.
*
$17 Billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies.
*
$12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English.
*
$22 billion is spent on (AFDC) welfare to illegal aliens each year.
*
$2.2 Billion dollars a year is spent on food assistance programs such as (SNAP) food stamps, WIC, and free school lunches for illegal aliens.
*
$3 Million Dollars a DAY is spent to incarcerate illegal aliens.
30% percent of all Federal Prison inmates are illegal aliens. Does not include local jails and State Prisons.
*
2012 illegal aliens sent home $62 BILLION in remittances back to their countries of origin. This is why Mexico is getting involved in our politics.
*
$200 Billion Dollars a year in suppressed American wages are caused by the illegal aliens.
*

Nearly One Million Sex Crimes Committed by Illegal Immigrants In The United States.


Visa Lottery Gave 28,783 to Those From State Sponsors of Terror, 2007-2016




By Michael W. Chapman | November 13, 2017 | 3:23 PM EST


President Trump and Attorney General
Jeff Sessions.  (YouTube) 
(CNSNews.com)-- The U.S. government through its Visa Lottery program issued 28,783 visas to people from countries designated as "State Sponsors of Terrorism" between 2007 and 2016, according to the White House, based on data from the U.S. State Department.
“In the last decade, the U.S. issued nearly 30,000 permanent residence visas through the Visa Lottery to randomly selected nationals from countries designated as "State Sponsors of Terrorism" by the State Department," said the White House in a Nov. 13 email. "This does not include the additional tens of thousands of foreign nationals admitted from these countries through other immigration categories (such as family-based immigration, as well as asylee, refugee, and others).”
The three state sponsors of terrorism were Iran, Sudan and Syria. 

(Source: U.S. State Department.) 
According to the data, the number of visas from those countries increased substantially under the two Obama administrations. For instance, in 2008, the last full year of the George W. Bush administration, 841 lottery visas were granted to Iran; in 2016, the last full year of the Obama administration, 2,788 lottery visas were selected from Iran.
Syria got 40 lottery visas in 2008 and 164 lottery visas in 2016.

Number of lottery visas issued by year to State Sponsors of Terrorism. (Source: The White House) 
The suspect in the Oct. 31, 2017 Islamic terrorism attack in New York City is Sayfullo Saipov, who entered the United Statesthrough the Visa Lottery program. In the Oct. 31 attack, using a rented truck as a weapon, 8 people were killed and 12 were injured.
The White House email states, "President Trump has called on Congress to eliminate the Visa Lottery and end Chain Migration.... [T]hese policies endanger national security, strain federal resources, and imperil the economic security of vulnerable American workers."
"Every single year, through a computer-generated random drawing, the Visa Lottery selects 50,000 foreign nationals to apply for permanent residence in the United States and get Green Cards," states the email.  "Many of them have absolutely no ties to the United States, no special skills, and limited education.
"The Visa Lottery program was championed by Ted Kennedy in 1990 and co-sponsored by Chuck Schumer. In a May 2006 floor speech, Schumer praised what he called 'an excellent program' and urged his colleagues to keep it in operation. 'My city of New York has dramatically benefited from this program,' Schumer said, 'So I plead with my colleagues, keep the diversity visa program.'"


Richest 1% own half the world's wealth, study finds

Credit Suisse report highlights increasing gap between the super-rich and the remainder of the globe’s population

Supercars in London
 The Credit Suisse report found 2.3 million new dollar millionaires were created over the past year, taking the total to 36 million. Photograph: Carl Court/Getty Images

The globe’s richest 1% own half the world’s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else.
The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report published on Tuesday.
“The share of the top 1% has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the annual report said. The bank said “global wealth inequality has certainly been high and rising in the post-crisis period”.
The increase in wealth among the already very rich led to the creation of 2.3 million new dollar millionaires over the past year, taking the total to 36 million. “The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,” Credit Suisse said.
These millionaires – who account for 0.7% of the world’s adult population – control 46% of total global wealth that now stands at $280tn.
At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth.


The report said the poor are mostly found in developing countries, with more than 90% of adults in India and Africa having less than $10,000. “In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100%,” the report said. “For many residents of low-income countries, life membership of the base tier is the norm rather than the exception.”
Meanwhile at the top of what Credit Suisse calls the “global wealth pyramid”, the 36 million people with at least $1m of wealth are collectively worth $128.7tn. More than two-fifths of the world’s millionaires live in the US, followed by Japan with 7% and the UK with 6%.
However, the collapse in the value of the pound since the Brexit vote meant the total number of dollar millionaires in the UK fell by 34,000 to 2.19 million. Just over half of the UK’s 51 million adults have wealth in excess of $100,000. The mean average wealth of a UK adult is $278,038, but the median is $102,641.


While the global population of millionaires has grown considerably, the number of ultra-high net worth individuals (UHNWIs) – those with a net worth of $50m or more – has increased even faster. “The number of millionaires has increased by 170% [since 2000], while the number of UHNWIs has risen five-fold, making them by far the fastest-growing group of wealth-holders,” the report said.
Most of the new UHNWIs have been created in the US, but 22% come from emerging economies, notably China.
The biggest losers, the report says, are young people who should not expect to become as rich as their parents. “Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets,” Urs Rohner, Credit Suisse’s chairman, said. “But we find that millennials face particularly challenging circumstances.”


Rohner, who is paid SFr4m (£3m), said millennials have been dealt a series of blows including high unemployment, tighter mortgage rules, increased income inequality and reduced pensions. “With baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of well-being assessed in this report.”
He said that millennials are much more educated than their parents. But he added: “We expect only a minority of high achievers and those in high demand sectors such a s technology or finance to effectively overcome the ‘millennial disadvantage’.”
Oxfam said Credit Suisse’s research showed that politicians need to do more to tackle the “huge gulf between the haves and the have-nots”.
“In the UK, the wealthiest 1% have seen their share increase to nearly a quarter of all the country’s wealth, while the poorest half have less than 5%,” Oxfam’s head of advocacy, Katy Chakrabortty, said. “This divide matters hugely at a time when millions of people across the UK face a daily struggle to make ends meet and the numbers living in poverty are the highest for almost 20 years.
“The recent Paradise Papers revelations laid bare one of the main drivers of inequality – tax-dodging by rich individuals and multinationals. Governments should act to tackle extreme inequality that is undermining economies around the world, dividing societies and making it harder than ever for the poorest to improve their lives.
“In the UK, the chancellor should use next week’s budget to prioritise tough action to tackle tax avoidance to help provide funds to fight poverty in both the UK and developing countries.”
Follow Guardian Business on Twitter at @BusinessDesk, or sign up to the daily Business Today email here.

Since you’re here …

… we have a small favour to ask. More people are reading the Guardian than ever but advertising revenues across the media are falling fast. And unlike many news organisations, we haven’t put up a paywall – we want to keep our journalism as open as we can. So you can see why we need to ask for your help. The Guardian’s independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our perspective matters – because it might well be your perspective, too.
I appreciate there not being a paywall: it is more democratic for the media to be available for all and not a commodity to be purchased by a few. I’m happy to make a contribution so others with less means still have access to information.Thomasine F-R.
If everyone who reads our reporting, who likes it, helps fund it, our future would be much more secure. For as little as $1, you can support the Guardian – and it only takes a minute. Thank you.

No comments: