phiwong t1_j9vfpcw wrote
Reply to comment by engineerfieldmouse in [ELI5] What would be the impact on the economy if the 0.01% gave away their wealth to the masses overnight? by [deleted]
No it won't. The average GDP per capita of Africa is $2000 per year. It would make life better for awhile (if it even could be done practically speaking) but it does not solve any long term issue. Of course, there are several countries where this would make an immense difference (the poorest of the poor) but it wouldn't lift all of Africa out of poverty by any stretch.
The really wealthy are really wealthy by the standards of any one individual but there is this misunderstanding that this compares in any way to the long term economic output of a country or region.
Viewing a single comment thread. View all comments