Now they want wealth equality as well as income equality!

The Herald reports:

The richest 10 per cent of New Zealanders are wealthier than the rest of the population combined, according to figures cited by Oxfam NZ.

Oxfam says data from the 2013 Credit Suisse Global Wealth Databook also shows that the top 1 per cent of Kiwis hold more wealth (25.1 per cent) than the bottom 70 per cent.

First of all, the data shows the top 10% have 48% of the wealth. And you know what, who cares? It’s is their wealth – not ours. What matters is whether the composition of the top 10% changes (social mobility), bot that the top 10% have more wealth. By definition the top 10% of anything always have more of whatever you measure.

But let us look at what countries have a greater share of wealth in the top 10%. We’re at 48%. Higher than us include:

  1. US 74%
  2. Switzerland 71%
  3. Denmark 69%
  4. Sweden 67%
  5. Indonesia 65%
  6. Norway 65%
  7. Austria 62%
  8. Germany 59%
  9. Cyprus 57%
  10. India 53%
  11. Portugal 53%
  12. Luxembourg 51%
  13. Canada 50%
  14. France 50%

So countries with higher “wealth ” include Denmark, Sweden and Norway. Even Canada and France.

But let’s do what Oxfam wants and make sure we have less wealth with the top 10%. What countries have managed this best:

  1. Slovakia 32%
  2. Japan 34%
  3. Slovenia 36%
  4. Greece 39%

That is the Oxfam vision for NZ – Slovakia and Greece!

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