About $10,000,000,000,000 has been squirrelled away by 92,000 people.
A tiny little subsection of humanity, described appropriately by the Guardian as a “global super-rich elite”, has amassed this fortune, extracted it from various of the world’s economies, and hidden it under a metaphorical Cayman Island-shaped mattress to reduce their tax liability.
This is what happens when you encourage personal accumulation of wealth for its own sake, and sanctify those who succeed in the scramble to the top. You allow the “job-creators” to hoard unimaginably colossal piles of resources, denying their use to any of the rest of us.
What is even the point of anyone having that much money? What personal hedonistic joy are you going to derive from the second billion which you couldn’t reach with the first? It just becomes about getting a high score.
The total amount tucked away in private banks is apparently $21,000,000,000,000. And yes, it really is meant to have that many zeros. I have to keep double-checking, too. To put that in a little perspective, if you look at the cost of the NHS and scale it for population, then this off-shore stash could pay for the entire USA to have its own nationalised healthcare service, providing every single person in the country with the kind of social safety net enjoyed by every other nation in the developed world.
Twenty-six times over.
But it’s not going to. Because some successful capitalists earned that money, and now its all theirs to do what they want with it.
This is a completely fucked system.