The Rich Are Getting Even Richer While The Pay Gap Widens

rich poorNEWS FLASH! (Hope you picked up on my sarcasm there) Recent reports from the BCG (Boston Consulting Group) tell us (not that we needed to be told) that rich Americans continue to get rich while the poor continue to remain poor. According to this report, our country has the largest number of total and new millionaires at 7.1 million, which includes 1.1 million new ones (good to know I’m not even 1 in a million :/).

On the other end, due to a HUGE lack in upward mobility in terms of socioeconomic ranks (thanks to lack of available jobs, inaccessibility of higher education and a slew of other factors) many of the individuals on the lower end of the totem pole, who consider themselves to be lower-middle class or just lower class, will remain in their current situations. A whopping 32% of Americans self-identify with these terms, with their household incomes averaging just $52,000.

So just how bad is it?

According to a new Oxfam study, the 85 wealthiest people in the world are collectively as rich as the ENTIRE bottom half of the global population. Nope…no typo there…less than 100 people are worth as much as 3.5 billion others. I’m not exactly sure how to feel about this. On one hand, a lot of this money is “new money” from billionaires and multi-millionaires who paved a way for themselves, making this inspirational and motivational with the hopes that “I can do it too!” On the other hand…FML.