Talk of economic mobility and the wealth gap is hardly new. From the Occupy movement to President Obama’s re-election campaign, income inequality has been in the spotlight for years.
Even so, the in London on Tuesday broke new ground. Not because of the conversation, but because of the people having it.
The 250 people from around the world invited to attend this one-day conference do not represent “the 99 percent,” or even the 1 percent. It’s more like a tiny fraction of the 1 percent.
“We have $30 trillion of assets under management in the room,” says conference organizer Lynn Forester de Rothschild, who runs , a major investment firm she and her husband, of the storied Rothschild banking family, founded in 2003.
That amount – $30 trillion – is roughly one-third of the total investable wealth in the world. If money is power, then this is the most powerful group of people ever to focus on income inequality.
“If this bulk of capital decides that they are going to invest in companies that aren’t only thinking about the short-term profit,” says Rothschild, “then we will see corporate behavior change.”
The titans of commerce and finance didn’t necessarily fly to this meeting in London out of […]