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by vtange
3135 days ago
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I'm surprised the words "capital gains" are not mentioned at all in the article. It's already well known that the richest of the 1% did not get there purely through a high wage/salary. Some might blame loose monetary policy for providing easy money for the 1% in the USA (if you can borrow money and speculate for free, why not, after all), but if that's the case Japan really stands out; they've been QE'ing since their '80s bubble popped and they've managed to keep a relatively good Gini coefficient relative to the rest of the developed world (they're more egalitarian than their East Asian peers). You'd think that having two lost decades with your economy stuck in neutral, the Japanese 1% would just leave their country in the dust. |
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This talks about the 1%, not the few super rich, which is less than 1 out of 100.
It's confusing because often when people say "the 1%" they actually mean multi-millionaires; which is less than 1%.
Most 1%'ers are elite professionals. And this articles argues they make more money because of regulation that creates barriers to competition.
The super rich multi-millionaires and billionaires is a different story.