Top Eight and Bottom Half

In a dramatic revision of previous estimates, Oxfam reports that

Total global wealth has reached a staggering $255 trillion. Since 2015, more than half of this wealth has been in the hands of the richest 1% of people. At the very top, this year's data finds that collectively the richest eight individuals have a net wealth of $426 [billion], which is the same as the net wealth of the bottom half of humanity.

From AP:

Oxfam used Forbes’ billionaires list that was last published in March 2016 to make its headline claim. According to the Forbes list, Microsoft founder [Bill] Gates is the richest individual with a net worth of $75 billion. The others, in order of ranking, are Amancio Ortega, the Spanish founder of fashion house Inditex, financier Warren Buffett, Mexican business magnate Carlos Slim Helu, Amazon boss Jeff Bezos, Facebook creator Mark Zuckerberg, Oracle’s Larry Ellison and [Michael] Bloomberg, the former mayor of New York.

Update (June 15):  And now it's five.

An analysis of 2016 data found that the poorest five deciles of the world population own about $410 billion in total wealth. As of June 8, 2017, the world's richest five men owned over $400 billion in wealth. Thus, on average, each man owns nearly as much as 750 million people.

Update (July 28):  Jeff Bezos may or may not be the richest, but he and Bill Gates are the top two. And in Amancio Ortega, Warren Buffett, and Mark Zuckerberg and the (roughly) current total is $409.3 billion.

Update (October 28):  Some wealthy members of Congress aren't sure who's considered to be "rich". And Bezos is now on top with $93.8 billion after gaining $10.4 billion in stock value in a single day.

Update (November 11):  Conor Lynch discusses the Paradise Papers and the rise of the "international oligarchy".

There are two forms of populism that are currently being offered as alternatives to international oligarchy. On the right, reactionary populists present the current divide between the 1 percent and the 99 percent as a struggle between “globalists” and nationalists, and seek to divide the working class by scapegoating minorities, immigrants and foreigners for problems that have been created by global capitalism. On the left, progressives and socialists aim to create an international working class movement that challenges both capitalism and the power of global elites.

Update (November 12):  A report from the Institute for Policy Studies called Billionaire Bonanza finds that Bezos, Gates, and Buffett have as much wealth as the bottom half of the U.S. population. The median family wealth in the U.S. is $80,000.

Update (November 13):  Responsible Wealth has a message for Congress.

As the Senate and House make final tweaks to their tax proposals, over 400 of the nation's very rich individuals have penned a letter to the lawmakers with a demand that stands in stark contrast to the plans on the table: don't cut our taxes—raise them.

Update (November 25):  Paul Buchheit reports that for the second consecutive year, the wealth of a household in the top one percent increased on average by over $2.5 million.

Update (December 28):  Bloomberg reports that the "world's 500 richest people added an average of $2.7 billion to their fortunes every day in 2017"--a cumulative gain of one trillion dollars.