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The 1% May Be Richer Than You Think, Research Shows

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The 1 percent is literally rich beyond measure, depriving nations of billions in tax revenue and obscuring shifts in global inequality.

Research conducted separately by European Central Bank economist Philip Vermeulen and London School of Economics’ Gabriel Zucman show the wealth of the super-affluent -- hidden by tax shelters and nonresponse to questionnaires -- is undercounted. Correcting for similar lapses in income data almost erases progress made from 1988 to 2008 in narrowing the gap between the world’s rich and poor, World Bank research found.

“We always suspected there was some low-balling of the top 1 percent,” said Joseph Stiglitz, a Nobel-prize winning economist and author of “The Price of Inequality. ‘‘There’s a growing sense that our system is rigged and unfair.’’


Great news the rich are richer. All round economic success. We just now have to wait for it to trickle down rather than it to flood upwards.

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Guest The Relaxation Suite

Where's Britain then?

Who's gonna tell us of Queenie's and the Lords' assets and use of secret offshore tax havens and trusts? Or is that an official secret?

Britain is probably one of the worst in the world. Those who understand that society hasn't changed at all for thousands of years are not surprised by this, although I am depressed that the same laws mean it will never change either.

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Yeh, trickle down must be dead in the water....we plebs should stop the intergenerational warfare as "divide and rule" plays right into their hands.

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Look stop pointing the finger at the super rich and do your patriotic duty and blame the boomers.

I'm curious I'd like to know the start-date for when two wrongs actually did make one of them a "right"

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