If all the wealth in the world were distributed evenly, how much money would each person have? How would this affect the everyday lives of westerners?
Thanks for your help. Any references would be appreciated.
I couldn't find any estimate of the amount of money in the world. Considering there are so many currencies -- and their value changes daily -- that seems to be an impossible task.
If the wealth of the world were distributed evenly, westerners would be impoverished by our standards. But houses wouldn't cost a half million dollars if everybody was living on a few hundred dollars a year.
To determine how much money each person would have if all the wealth in the world were distributed evenly, we need to gather some information. As of 2021, the estimated global wealth is around $400 trillion. To find the number of people in the world, we can refer to the current global population, which is about 7.9 billion.
To calculate the evenly distributed wealth per person, we divide the total global wealth by the total number of people:
$400 trillion ÷ 7.9 billion = approximately $50,633 per person
However, it's important to note that this is a simplified calculation and doesn't take into account factors like debts, assets, and varying wealth distributions among countries, which can significantly affect the actual value. It's also worth mentioning that wealth includes not only money but also assets such as real estate, stocks, and businesses.
Now, let's discuss how such a redistribution might affect the everyday lives of westerners. Western countries, such as those in North America and Europe, tend to have higher average incomes than the global average. Therefore, in a scenario where wealth is evenly distributed, the financial situation of many westerners might see a significant decrease.
For instance, individuals with high incomes and large accumulations of wealth would likely experience a decrease in their financial status, as their wealth would be redistributed among a larger number of people. On the other hand, those who have been struggling financially may see an improvement in their living conditions, as they would receive a larger share of the wealth.
It's important to consider that the impact on everyday lives would go beyond just the financial aspect. Redistribution of wealth could lead to changes in social dynamics, economic systems, and even political landscapes.
To explore this topic further and gather more references, I recommend researching reputable sources such as international financial reports, economic journals, and publications from organizations like the World Bank or the International Monetary Fund. These sources often provide valuable insights into global wealth distribution and its potential effects.