The Global Wealth Inequality
The 100 Trillion Dollar Global Economy
Despite the coronavirus pandemic, global recession, and the war in Europe, the world economy will be reaching an impressive milestone by the end of 2022. The world economy will hit $104 trillion according to the International Monetary Fund’s projection released in April this year.
The United States remains on the top of the list of big economies with $25.3 Trillion. The US has remained the world’s largest economy since 1871.
Second to the United States is China with a $19.9 Trillion GDP. With $4.9 trillion, Japan is in third place, with $4.3 trillion GDP, Germany is in fourth place, and the United Kingdom is in fifth place with a $3.4 Trillion economy.
India is in sixth place ($3.3 trillion), France is in seventh place ($2.9 Trillion), Canada is in eighth place ($2.2 trillion), and Italy is in ninth place ($2.1 trillion). There are a lot of countries aiming for a tenth place such as South Korea, Russia, and Brazil with a $1.8 trillion GDP.
the global wealth inequality
You need to know the economy of the market in order to understand the global wealth inequality. The European countries became rich because they ruled Africa and Asia for hundreds of years and looted countries in these continents. United States became rich because it built its economy through slavery. For hundreds of years they subjected the Africans and use free labour to build the economy. If you are already rich and if you know how to manage your money, you will always be rich. China, which was never colonized by any European countries, is poor compared to United States and some European countries (based on per capita income), however, Chinese GDP is still the world’s second biggest GDP. Chinese per capita income is low because for hundreds of years, Chinese economy was basically feudalist economy where there was systematic subjugation of poor class by the rich class. The wealth inequality gap is widening every year.
Unethical Ways Big Businesses Are Using to Making Money
In 2021, Jeff Bezos became World’s Richest Man. When he announced he would go on a Space Journey, more than 185,000 people signed a petition to stop Bezos to come back to the earth. This did not surprise many people because people have always disliked Jeff Bezos for how he handles Amazon. He is often castigated for low payment and strict working rules. They say you are not even allowed to pause for a moment to stretch your body; a supervisor will come running towards you to reprimand.
Bill Gates, now the third richest man on earth, was world’s richest man for many years, thanks to his company Microsoft. But did Bill Gates make money only with Windows? Bill Gates is often castigated for intimidating small companies, independent innovators and taking over competitors’ company.
Do you know which asset tops the rank of the biggest asset by market cap? Well, gold is the asset with the highest market cap. The market cap of gold is $12 trillion. Do you know Apple is on the second position with the market cap of $3 trillion? Now compare this with Russia’s GDP of $1.48 trillion and Canada GDP of $1.64 trillion. Did Apple made this money in a fair manner? Well, according to the recent news Apple made $6.5 billion in profits by not giving charger and earphone with their head sets.