The richer get richer and the poor get poorer

by David Grand
March 24, 2010

Truer words were never spoken. And never more-so than today, what with the disparity between the haves and have-nots, approaching the difference that existed during the Great Depression

And when I looked at the 24th annual Forbes list of the world's 500 fatest, fat cats, it only served as confirmation of the gross inequity that has always existed here and elsewhere.

Case in point: the net wealth of those 500 plutocrats has grown this year to $3.6 trillion (or $3.5 billion for the average billionaire), after having dropped to $2.4 trillion during last year's global financial meltdown, but still behind the all-time high of $4.4 trillion in 2008.

And millionaires weren't spared from the hardships brought about by the recession, either. Between 2007 and 2008, the number of millionaire households dropped to the lowest level since 2003, while households with a net worth of $5 million or more declined from from 1.7 million to 840,000. That may have caused them to lead a less extravagant lifestyle, perhaps even taking fewer vacations and dining less at five star restaurants.

Fans of Oprah Winfrey can, however, breath a sigh of relief in learning that she's still on the list, albeit with a relatively low net wealth of $2.2 billion.

But what really had my eyes spinning like a top was seeing that Bill Gates had been dethroned (for only the second time since 1995) as the world's richest person. And worse yet, it was by a Mexican tycoon named Carlos Slim, who's anything but slim--tipping the scale at 300 lbs. or more.

However, both Gates and Warren Buffett, who finished in third place, can take comfort in knowing, that although Senor Slim's net worth of 53.5 billion was a mere half billion more than college dropout Gates and 8.5 billion more than Buffett). And that were it not for their record breaking philanthropy, Gates would have left Slim sucking air, with his net worth exceeding $80 billion and Buffett would be worth at least $55 billion.

Speaking of those on the Chronicle of Philanthropy's annual list, guess what family didn't make the top 50 this year?

Yep, it's the Waltons, America's richest family by far, with a combined net worth of at least $100 billion. And you have to go back to 2001 to see anyone of em show up on the list, or ever ranked higher than 12th.

To be fair, says Chronicle staff writer Eric (no BS) Bull, "the Waltons do give a hefty chunk of change through their foundation every year; but it generally goes to right-wing political groups and pet projects like Alice Walton's art museum in NW Arkansas."

(Thank you Chronicle for giving me yet another reason for not shopping at Wal-Mart, besides treating their employees like serfs, and filling their stores with products made in Asia.)

Now, even though the Chronicle doesn't include foreign philanthropists, I'd sure be interested in knowing how much dinero, if any, that Mexican mogul Carlos Slim has given to help improve the lives of the majority of the people, where 60 percent (out of a population of 109 million) live in extreme poverty. And where, according to a 2000 World Bank report, over 10 percent survive on less than $1 U.S. per day and 24 percent on less than $2 U.S.per day. Moreover,15 percent of households lack safe water and access to sanitation facilities; and with many children suffering from malnutrition and being forced to drop out of school in their early teens to help support their families.

It's no wonder then why they risk life and limb to come here for work, that allows them to send money back home (which is Mexico's second largest source of revenues.

But we shouldn't look down our noses at them, what with U.S. Census Bureau reporting that there were, as of 2001, 33 million (or 12 percent) of Americans living in poverty.