The new Gilded Age: 2,750 people have more wealth than half the planet
CBSN
The globe's 2,750 billionaires now control 3% of all wealth, up from 1% in 1995 — that makes them wealthier than half the planet, according to a new report from a group founded by economist Thomas Piketty.
The wealth gap is roughly as wide as it was more than a century ago when the Gilded Age led to massive disparities between rich and poor, the World Inequality Lab found. The study was coordinated by Piketty, an expert on inequality known for his book "Capital in the Twenty-First Century," as well as fellow inequality experts Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley.
In the U.S., the gaps in wealth between rich and poor Americans "are close to those observed at the beginning of the 20th century," the study noted. The poorest Americans are falling behind their counterparts in other nations. Although average household wealth in the U.S. is more than three times that of China, the poorest 50% of Americans possess less wealth than the poorest half of China's citizens, the researchers found.
Ashley White received her earliest combat action badge from the United States Army soon after the first lieutenant arrived in Afghanistan. The silver military award, recognizing soldiers who've been personally engaged by an attacker during conflict, was considered an achievement in and of itself as well as an affirming rite of passage for the newly deployed. White had earned it for using her own body to shield a group of civilian women and children from gunfire that broke out in the midst of her third mission in Kandahar province. All of them survived. She never mentioned the badge to anyone in her battalion.