There are too many super rich people now, and that spells trouble

Matthew Syed The Times March 14, 2021 Link


For there are two big economic trends. The first is the stagnation in living standards for the majority, which have barely improved for a generation. The second is the rising tide of super-rich — the number of millionaires (in real terms) has increased faster than at any time for a century, while the number worth £10 million or more has increased faster still.

Much has been said about the former, but the Russian-American scholar Peter Turchin, perhaps the most closely studied historian of the moment, argues that we should keep our eye on the latter, too….

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