High cost of income inequality
Belgian waffles. Belgian beers. Americans love ’em.
But what Americans really need from Belgium has nothing to do with beer or breakfast treats. We need Belgium’s much more egalitarian distribution of wealth.
The English philosopher Francis Bacon once long ago compared wealth to manure. Both only do good, Bacon quipped, if you spread them around. Belgium is spreading about as well as any nation on Earth, according to the Swiss bank Credit Suisse’s latest annual global wealth report.
Why should Americans care about what’s happening in Belgium?
The Credit Suisse report at first doesn’t make that clear. On average, numbers show that Belgian adults hold less wealth than Americans. Belgians average a bit over $313,000 in net worth. The average American holds nearly $404,000.
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