We are taking a short break from our Safe Withdrawal Rate Series (see the latest post here) to look into some pretty fascinating data we came across the other day. There’s a small place on earth with rampant wealth inequality. If you had just one single dollar in your name you’d be worth more than the entire bottom 27% of the wealth distribution combined. The bottom half of the population owns only about 8.6% of all wealth, while the richest 10% own 40% of all wealth, and the richest 20% own about 62% of all wealth.
Despite the wealth inequality, there is surprising harmony. There’s no call for building walls. And no call for redistributing the “ill-gotten” profits of “evil capitalists” either. There is no envy! Folks in the lowest wealth bracket would regularly compliment their richer counterparts and say “Geez, you are rich. Good for you!”
Where on earth is this place? Continue reading “This place has extreme wealth inequality, yet everybody is happy!”