Spiralling Global Private Financial Wealth amidst Poverty and Unemployment | Global Research

Global financial private wealth grew by 14.6 percent in 2013, according to a new report by The Boston Consulting Group. The surge, concentrated in the hands of the billionaires and millionaires of the world, has been driven by the policy of the Obama administration and other governments to pump cheap cash into the hands of the major banks and stock markets.Private financial wealth, as defined by the Boston Consulting Group, “includes cash and deposits, money market funds, and listed securities…life and pension assets, and other onshore and offshore assets.” However, it does not include “investors’ own businesses, any real estate, and luxury goods.”Total global private financial wealth grew to $152.0 trillion in 2013. The percentage increase was almost double the 2012 increase of 8.7 percent.

via Spiralling Global Private Financial Wealth amidst Poverty and Unemployment | Global Research.

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