Nextbigfuture had pointed out that the bottom 720 million people in the world each have negative net worth.
The US has 7.5% of the bottom decile, but has only 0.21% of the second decile and 0.16% of the third.
Net worth = assets minus debts.
The net worth of the world’s bottom decile is minus a trillion dollars.
America has a lot of overindebted people. People underwater on their mortgages, recent graduates with massive student loans, renters carrying five-figure car loans and credit-card obligations, uninsured people who just got out of hospital, you name it.
The US is the country with the second largest population of indebted people. Only India has more people with negative net worth.
However, the American poor people are poorer than the Indian people. The US poor people are able to rack up more debt than the poor Indian person.
Many Americans with medical bankrupcy and massive student loans will never see financial daylight.
If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.