How much money each of us would have if it was distributed equally?
Well, this article is a few months old, but I don't think the total wealth of the world has changed much. According to that article, the total wealth of the world is $280 trillion dollars, and according to worldometers.info, the total population is 7.6 billion. This means that if wealth was distributed equally, each person would get $36,842.
According to this article, the distribution of wealth is highly unequal, with the richest 36 million people (around 0.7% of the total population) owning $128.7 trillion, which is nearly half of the world's total wealth. The pyramid shown above, shows fully how the wealth is distributed. You can see that 70.1% of world's population own less than $10,000 each, 21.3% own between $10,000 and $100,000 each, and only 7.9% own between $100,000 and a million each.
So, we can see that the capitalist system followed in most parts of the world, has caused highly unequal distribution of wealth. The problem with capitalist system is that it tends to create oligarchies and monopolies. That is why I think, decentralization and cryptocurrencies are so revolutionizing, as they tend to give power back to the people.
Fun fact
At this moment, according to coinmarketcap, the total market cap of all the cryptocurrencies combined is around $342 billion. This means that cryptocurrencies just make up 0.122% or 1/820 of the total world's worth. Moreover, if cryptocurrencies were distributed equally among people, each person would get $45 (0.005 BTC) worth of cryptocurrencies.
It turns out distribution of wealth in cryptocurrency is pretty hard to measure mainly due to the nature of its anonymous transactions — it's impossible to know who paid who or who owns what. We do not however, have complete and indisputable estimation of how many each person will get the $worth..
Well I enjoyed your article it is really interesting..@hmushtaq
Yes, you are right :) Tracking crypto transactions is pretty hard, and even impossible if you are using coins like Monero.
There will be a global problem of a massive money inflation. For example, because the average human has more money, the grocery stores will higher their price. We human have behaviour of competing with others. Its in DNA of our blood. So the store owner become wealthy once again and the system returns to original one🙂 its my hypothesis only🙂
Or it could create a virtuous cycle. Since now everyone would have some money, they could afford more, and if you are able to sell people something good, you could profit. Basically, that is how a consumer based society works. People are encouraged to buy more stuff, as to get the economy rolling.
You got my point sir🙂 and not everyone can utilize money in right place plus there is bribery and robbing that have not been eradicated till now. Equal distribution of money works if all these problems are eradicated including poverty and making every people on earth educated🙂
True :) With more tech and AI, maybe we could eventually have a post-scarcity economy, where things like bribery, robbery and theft would just become things of the past.
On every system, this will happen over and over. Even with a decentralized system, you will have smarter people that come with ideas for generating value and increase income.
True, but the good thing about decentralization is that people can become rich by their own hard work. In the current capitalist system, most people normally work for others as making money from being self employed is hard. Therefore, their hard work is making other people rich, rather than themselves.
Yeah it is hard. If it was easy then everyone would do it but if you do put in the effort then you could make yourself rich. You have the internet now. There are millions of way of becoming rich like making this blog.
Thanks for sharing valuable information.
Keep up the good work!
You got a 7.13% upvote from @upmewhale courtesy of @hmushtaq!
Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!