Over three billion people — more than half the world population as of 2010 — live on less than $2.50 US Dollars (USD) a day. More than 80% of the population lives on less than $10 USD per day. To put that in perspective, the average American spends about $7 USD a day on entertainment alone, and more than twice that on transportation.
Many Americans struggle to afford their cost of living and must resort to extreme budgeting. This struggle often includes choosing between different necessities and spending minimal money on groceries. Lower-income families often have to save money by comparing options across multiple coupon services, such as Capital One Shopping vs Honey. American families also make ends meet by working extra jobs, seeking help from community charities, and reducing utility bills by avoiding water and electricity use.
More money facts:
- The world's billionaires (less than 500 people) account for about 7% of the world's GDP. Low income countries (about 2.5 billion people) account for only 3.3% of the world's GDP.
- According to the World Bank, the poorest 20% of the world's population accounts for 1.5% of the world's total private consumption, while the richest 20% accounts for around 75% of global private consumption.
- The world income gap is growing: in the 1960s, the 20% of the world’s people in the richest countries had 30 times the income of the poorest 20%. By 1997 that figure had risen to 74 times as much, and it continues to increase.
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Discussion Comments
The rich don't just hoard money under a mattress or in a pool of coins like Scrooge McDuck. Where do you think your job comes from? Tech investment? Medical Research?
@anon959161: You are so right!
When you don't have morals though, and you hoard money, there is no moral obligation felt. I wish the wealth could be spread to everyone's basic needs were met then if they wanted more, they could work and save for that.
This is wrong -- morally. Being a billionaire, I get it. Rich is very nice, but there is a moral obligation to help the next person. The richest should provide opportunities for those that are willing to work for an honest days pay. Pay a decent wage. Obviously, those who prefer to live off of others expecting a handout without the willingness to work or produce for the person helping them are not deserving of anything.
The difference between an unemployed hard worker and a leech is opportunity. One takes advantage of an opportunity while the other squanders it.
Wow I never knew that! That's cool!
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