As they saying goes, “it takes money to make money”. But that’s something British economist and YouTuber Gary Stevenson is rallying against. The graduate of the London School of Economics and Oxford, multi-millionaire former Citi trader and author of The Trading Game warns that the global elite — the top 0.1 per cent — are currently winning the war on inequality. He says one of the biggest challenges facing the global economy is what he’s calls a once-in-a-generation wealth transfer from governments and middle classes to the rich.
“They are accumulating wealth at an unbelievably rapid pace and it’s squeezing everybody else out,” he argues. “It’s pushing up the prices of things like, most obviously, housing, but not just housing, you look at stocks, stock markets all over the world, you look at the gold price, you look at land prices.”
He’s now preparing to visit Australia and caught up with ABC’s business correspondent David Taylor. In the interview, he says, if younger middle class people in Australia, like in his UK homeland, want to understand why they can’t buy their own home, they need to look at the very wealthiest people in society. “It’s squeezing out ordinary working class British and Australian workers and they can’t afford homes,” he tells ABC’s The Business program. #ABCBusiness #GaryStevenson #WealthInequality
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