In the United States, meanwhile, the number of “severely poor” people—those living at or below half the poverty level—is at a 32-year high, according to The Observer. Yet the number of U.S. billionaires has also increased, from just 13 in 1985 to more than 1,000 today. In 2005, an estimated 227,000 new millionaires emerged, many bolstered by lucrative financial hedge funds. The wealth of all U.S. millionaires that year was $30 trillion, or more than the gross domestic products (GDPs) of Brazil, China, the European Union, Japan, and Russia combined.
Alana Herro
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