May 25, 2024

Wealth and Equality

Wealth is not evenly distributed around the world. A report published earlier this year by the charity organization Oxfam, known for its work against poverty, states that the world’s 26 richest billionaires have the same wealth as the 3.8 billion people who make up the poorest 50 percent of the world’s population.

Besides this shocking statistic, citizens of Europe, North America and several high-income Asian countries own ninety percent of the world’s total wealth. In addition, as the wealth of the world’s richest continues to increase from year to year, the wealth of the poorest half of the world’s population continues to decline equally.

Difference Between Wealth and Wealth

Wealth and wealth are two separate words that are used interchangeably. They mean slightly different things. Wealth describes the gathering of resources, whether widespread or abundant. Wealth is about having such resources in abundance.

Rich countries and people have more resources than those who are poor. So the word wealth is similarly used to describe the basic needs of peoples that are met by sharing common abundance. Wealth is about having such resources in abundance. The opposite of wealth is known as deprivation while the opposite of wealth is known as poverty.

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Wealth is a concept that requires a social property contract. Ideas of wealth are actually relative. It varies not only from one society and person to another, but even between different regions or countries of the same society or nation. For example, having twenty thousand dollars in the USA does not make anyone the richest person anywhere in the country. But in desperately poor or developing countries, this money will constitute a huge amount of wealth.

The concept of wealth also changes at different times. Thanks to the development of labor-saving science and machinery in recent years, even the poorest who benefit from this technology and science enjoy a high standard of living. Assuming this trend continues, the richest people’s standard of living today may be considered poor in the future.

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