That said I’m in favor of lower taxes and universal basic income that is at least partly funded by stock in S&P 500 companies, so rising corporate wealth is a tide that can lift all boats.
“By the time you finish reading this article, some six hundred people from all over the world will have escaped poverty.
In 1990, 35% of the world population lived in extreme poverty. Today, that figure has fallen to 10.7%, according to the World Bank .
In 1987, there were 660 million poor people in China. After its economy opened, that figure has fallen to only 25 million . In the same period, in India, the number of poor citizens has been reduced by more than one hundred million people.
Additionally, 140 million people join the middle class every year.
Despite these achievements, we are living in a time when these excellent news are ignored to focus on interventionist messages about wealth. You will read that “1% of the world controls 87% of wealth” and things like “if the ten richest people in the world gave up their wealth there would be no poverty”.
The 635 million Chinese who have escaped poverty in the last thirty years disagree. They are delighted that China is the country where most millionaires are created every year and where the middle class grows the most, and thanks to prosperity there is a “growing inequality” that is not negative at all, but positive. Inequality was 0.30 when China was starving. It is 0.50 today and the vast majority of Chinese citizens are richer and better-off. Over the last 30 years, urban disposable income per capita in China grew at an impressive 13.2% annually while the share of the population that lives in urban areas increased from 22 to 53%.”