The top 1% holds as much wealth as the bottom 70% of all households
A new poll by Essential Research has revealed that Australians greatly underestimate the level of wealth inequality. And while most voters are somewhat confused over what policies will best reduce it, a majority see the ALP’s policy of stopping negative gearing as being an effective way to tackle the issue.
One of the more common mistakes is to confuse income with wealth. It’s not surprising, given we talk of people with high incomes as being wealthy, even though someone with a low income can have a high amount of wealth. The problem is wealth (otherwise known as “net worth”) is essentially a stock, while income is a flow – income looks at what your earn each year, wealth looks at the total value of your assets and debt regardless of when you gained them.
Continue reading...from The Guardian http://bit.ly/2V4Y5ih
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