Meanwhile, the wealthy control an enormous portion of the nation’s wealth.
The richest person in the US is, as you know, Bill Gates, who has a fortune estimated at $66 billion, according to Forbes, which is considerably more than that of Henry Sy, the richest in the Philippines -- Sy has $9.1 billion.
But in reference to the size of their home economies, Sy is far richer. Sy’s fortune equals 3.8% of the GDP of the Philippines, while Gates is good for just under 0.5% of US GDP. In fact, relative to GDP, the top eleven fortunes in the Philippines are all bigger than Gates’.