Do We Need Another Rolls-Royce Showroom?

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from Too Much: A Commentary on Excess and Inequality:


Do We Need Another Rolls-Royce Showroom?
October 19, 2013

A tiny tax on global personal wealth over $1 million could ensure that no child anywhere on the planet has to live in extreme poverty.

By Sam Pizzigati

The folks at Rolls-Royce have just opened a brand-new dealership — in the poverty-stricken Philippines.

This nation of nearly 100 million people now hosts 334 deep pockets worth at least $50 million, more than enough, the Rolls-Royce CEO noted earlier this month in Manila, to guarantee a robust market “for the ultimate in super luxury.”

One stab at that ultimate, the Rolls Ghost model, will retail to Filipinos of means at $602,000 to start. That’s over $600,000 more than the $1,879 personal net worth of the median, or most typical, Filipino adult.

In the Philippines today, says the just-released Global Wealth Report 2013 from the Credit Suisse Research Institute in Switzerland, 88 percent of adults have less than $10,000 to their name. Just 0.9 percent have over $100,000. ...................(more)

The complete piece is at: http://toomuchonline.org/do-we-need-another-rolls-royce-showroom/#sthash.o4EcXVEX.dpuf

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1. du rec.