THE CLASS DIVIDE

When socialist speak of class division we are often accused of being outdated, but here are recent figures that prove our point. "Last year was another good year for millionaires - though their pace of growth is slowing. According to a new report by Boston Consulting Group out today, the number of millionaire households in the world grew by 12.2% in 2010, to 12.5 million. (BCG defines millionaires as those with $1 million or more in investible assets, excluding homes, luxury goods and ownership in one's own company). The U.S. continues to lead the world in millionaires, with 5.2 million millionaire households, followed by Japan with 1.5 million millionaire households, China with 1.1 million and the U.K. with 570,000. ...The most important trend, however, is the global wealth distribution. According to the report, the world's millionaires represent 0.9% of the world's population but control 39% of the world's wealth, up from 37% in 2009." (Wall Street Journal, 31 May) Yes, startling though it may seem - less than 1% of the world's population own 39% of the wealth. RD