What If the Richest Person in Every Country Gave All Their Money to the Poor?
Would
the world be a better place if the wealthiest gave their fortunes away
to the bottom billion? We tried to answer the question by creating the Robin Hood Index.
We
took a spattering of 42 countries with radically different demographics
and economies, then compared the wealthiest individuals to the
percentage of the populations living in poverty. By the way, only
in Chile, the Netherlands, France and Australia is the richest person a
woman.
The index shows how the net worth of each country's
wealthiest person compares to the livelihood of his fellow countrymen by
calculating the lump sum in dollars each person living in poverty would
get if the assets of the richest citizen were liquidated and
redistributed. The Bloomberg Billionaires Index and the CIA World Factbook were our reference points.
The net worth of Bill Gates would turn into a one-off payment of $1,736 if distributed to the neediest 15 percent of Americans.
India's
large population means Mukesh Ambani's $19.2 billion net worth amounts
to the smallest payout to the poor of any other country analyzed. His
net worth is 13.6 million times more than the gross domestic product of
his fellow Indians. Still, with 30 percent of the country destitute, his
riches would result in each poor person getting $59, enough for 118
basic meals priced at 35 rupees (50 cents) and consisting of rice, dal,
two vegetables, one pickle and three chapatis.
Cyprus and Sweden
are where the poor stand to gain the most, $45,987 and
$33,149 respectively, yet they are also exceptional. They have small
populations — the island of Cyprus in the Mediterranean has 1.1 million
people — and fairly high living standards — Sweden ranks among the
highest when it comes to GDP per capita.
Quantifying the boost
from each payout is hard because each dollar will buy you something
different in local currency terms. The poverty line also is different
from nation to nation. Nevertheless, a modern-day Robin Hood it
seems would do little to improve the lives of those in need.
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