Pavore9:
Just 2%!

"Just" 1% control half of the world's wealth. Meanwhile, a bank account balance is just one indicator of wealth.

It is a world of unequal opportunities...

http://www.theguardian.com/money/2015/oct/13/half-world-wealth-in-hands-population-inequality-report

http://fortune.com/2015/10/14/1-percent-global-wealth-credit-suisse/

kekakuz:
no doubt

I know because I belong to the 2% by faith

...sorry,buddy. Riches by faith is not inclusive in the statistical analysis. If by faith the data is analysed,then all Nigerians will be inclusive. The statistics are for folks with RAW CASH in either Naira or US dollar/UK pound. In future you will be included when faith paves way for reality.

opalu:
2% of 170 million Nigerians = (2×170,000,000)/100= 3,400,000 people.

Calm down we know you can calculate...
I used to be like you before mathethematics is simple but not reading the question well is an issue

Only 70 million have a bank account... Now do your calculus

biggie73:
...sorry,buddy. Riches by faith is not inclusive in the statistical analysis. If by faith the data is analysed,then all Nigerians will be inclusive. The statistics are for folks with RAW CASH in either Naira or US dollar/UK pound. In future you will be included when faith paves way for reality.

the just shall live by faith myfriend

Wowww! This dont look well, the govt should create policies that circulates wealth!

kekakuz:

the just shall live by faith myfriend

...you are right.The stat is for holders of cash in the bank, not faith in the bank.

Now I know why every banker that attends to my transaction smile at me..infact all female bankers want to fucck me...now i know. I didnt knkw we have so many poor people.

trecumng:
As a major indicator of wealth distribution in Nigeria across income groups, a mere two per cent of Nigerians own 90 per cent of total deposits in Nigerian banks.
This represents the wide gap between the rich and the poor in Nigeria, which continues to pose major socio-economic development challenges to the nation.
Director of Research and International Relations at the Nigeria Deposit Insurance Corporation, NDIC, Alhaji Mohammed Umar, disclosed this at the Businessday Capital Market Development Annual Conference in Abuja, yesterday.

His words: “Our current deposit insurance coverage is N500, 000 for the Deposit Money Banks. And some people have said that it is low. I can tell you that it is very adequate for the majority of accounts.
“It will interest you to know that it covers over 90 per cent of accounts in the country. Indeed, Nigerians who have more than N500, 000 in their accounts are just two per cent.

“What we found is that this two per cent Nigerians have 90 per cent of banks’ total deposits. Look at that - two per cent Nigerians own 90 per cent of total banks deposits, while the remaining 98 per cent have just 10 per cent of total deposits. What that tells you is that the gap between the rich and the poor has continued in this country.”

Alhaji Umar added that there were about 70 million bank account holders in the country.
The total bank deposits stood at N17.2 trillion, as at December 2015, according to a post on the Central Bank of Nigeria, CBN, website.


Source: http://www.vanguardngr.com/2016/06/2-nigerians-90-bank-deposits-ndic/

One solution to narrowing this absurd gap is introducing a tax rate of 45% on this 2%.

The proceeds could be utilized to provide for all Nigerians, free education to university level, free health care, cheep mass transit, affordable power, etc.

All is well... We shall all end well... (Amen)

hmm 500k.. so am among of the 2%

PARETO RULE

kekakuz:
no doubt
I know because I belong to the 2% by faith

Lol no go work o be claiming faith on nairaland

delivite:


There are Nigerians who run legitimate businesses in this country and control more money than even those politicians you think. It's sad that a few people have more money than the majority of the population, but there's nothing you can do about it except to figure out how to join the rich. More Nigerians should think outside the box and embrace entrepreneurship.

My opinion.

The way you are thinking out of the box

delivite:


There are Nigerians who run legitimate businesses in this country and control more money than even those politicians you think. It's sad that a few people have more money than the majority of the population, but there's nothing you can do about it except to figure out how to join the rich. More Nigerians should think outside the box and embrace entrepreneurship.

My opinion.

You are right.

Entrepreneurship and wise investments in the real economy is the only way to go. Studies show ( see infographic) that living on a salary is a sure ticket to long term poverty.

greenpasture:

You are right.

Entrepreneurship and wise investments in the real economy is the only way to go. Studies show ( see infographic) that living on a salary is a sure ticket to long term poverty.

It depends on salary o, tell me if you're earning 500k/month you'll still consider yourself as a poor person . smh

It is 2% of owners of bank account. So d figure is far less than 3.4m

opalu:
2% of 170 million Nigerians = (2×170,000,000)/100= 3,400,000 people.

twerky:
When will we get things right o Lord?
Should I start telling my kids Dat naija go better just d way I was decieved by my dad years ago

he go better my sister

Estimable:
onye putara ULA na ututu kene Jehova

Ekene dili Jehova onye ji ndu anyi

Parisfran:
2 % is over 3 million people. Not such a low number in actual terms.

What is even the percentage of Nigerians that own bank accounts in the first place. 70 million accounts in a country where most account holders have 3 bank accounts should tell you that 70 percent of the population don't even operate a bank account in the first place.

This is the first person out of all posters looking at things in a sensible way and showing she is educated.

Goodluck Jonathan, who is a life civil servant, after being appointed VP declared he was worth N295,304,420 in 2007.

https://www.nairaland.com/71305/details-goodluck-jonathans-assets

How did he get all that money being a lecturer, deputy governor and governor in Nigeria?

He claims most of it were "gifts".

I can just imagine that would have changed to $295,304,420 in 2016. Forget Naira, his loot will now be in dollars.

We can see the 0.1% of the 2%.

brunofarad:
If you are vast that you know about the
Pareto principle or the 80\20 rule

click like




The situation here may not be 20\80 but its synonymous

It could have been accurate to relate this to perato's distribution. But corruption have distorted the data obviously.

seunoni34:

It depends on salary o, tell me if you're earning 500k/month you'll still consider yourself as a poor person . smh

I remember when I used to think like this Lol

The problem is that this 500,000 looks looks like a lot of money when you don't have it but expenses rise with income levels. In addition, your rate of increase can't double, you will be lucky if it keeps up with inflation. The guy starting off on his own will earn less for a while but when he gets traction, it will roar. The beauty of investment income is it tends to be inflation adjusted and it's different payout periods allow you to allocate it to different purposes.

500,000 is not a lot of money when you get it.

But if you don't have Capital to start a business, get a job. But be conscious of what you are doing on the train and have a clear plan when to get off.

Nigerians sha! Common free data cheat... nothing! Common to hack share money to everyone... nothing! No modern day Robin hood! Smh... una feel say na to graduate? Computer Eng! Software.. programmer bla bla bla... rubbish! Una dey collect cert go do service then stay house dey ping! Smh. ( na tailor I b o..)

hmmmm that's bad

opalu:
2% of 170 million Nigerians = (2×170,000,000)/100= 3,400,000 people.

Not exactly, work with below

Alhaji Umar added that there were about 70 million bank account holders in the country.

Nice point. But also govt policies have made these 2% enormously wealthy in the last 10 years.
Asides from the Alikos, Dantatas, Otedolas and the likes, each have had govt policies relaxed or waived. But what do I do while stuck in the 98% race.

delivite:


There are Nigerians who run legitimate businesses in this country and control more money than even those politicians you think. It's sad that a few people have more money than the majority of the population, but there's nothing you can do about it except to figure out how to join the rich. More Nigerians should think outside the box and embrace entrepreneurship.

My opinion.

Look at wot the Dullard and his useless party has turn my dear country to

2% seems to be an exaggeration...may be 35%

hertheytheydgee:


Not really, i'm a law student, I borrowed from pol in my UG1 days and really enjoyed reading Marxist theory.

That's nice... I also did a bit of sociology during my postgraduate days.. I just pray the current issue in Nigeria won't lead to societal conflict.

gbemoh:
Nice point. But also govt policies have made these 2% enormously wealthy in the last 10 years.
Asides from the Alikos, Dantatas, Otedolas and the likes, each have had govt policies relaxed or waived. But what do I do while stuck in the 98% race.

You could do what every other entrepreneur has done. The Alikos and Dantatas and Otedolas are not the only ones creating wealth in Nigeria from nothing. There are lots of young Nigerians whose entrepreneurial stories would inspire and motivate you. I interview them all the time for my web project. All of them admit that having finance is a boost for starting a business. But none of them thinks that lack of finance should stop you from making money. Go ahead and read their stories on my blog. http://www.nextnaijaentrepreneur.com

tunjijones:


The way you are thinking out of the box

Yes. Exactly that way!

greenpasture:


I remember when I used to think like this Lol

The problem is that this 500,000 looks looks like a lot of money when you don't have it but expenses rise with income levels. In addition, your rate of increase can't double, you will be lucky if it keeps up with inflation. The guy starting off on his own will earn less for a while but when he gets traction, it will roar. The beauty of investment income is it tends to be inflation adjusted and it's different payout periods allow you to allocate it to different purposes.

500,000 is not a lot of money when you get it.

But if you don't have Capital to start a business, get a job. But be conscious of what you are doing on the train and have a clear plan when to get off.

Calm down now. E no reach to write long reply. I never said 500,00 money was "big" or "enough" It was a reply to your earlier comment where you said salary earning is a sure way to long term poverty - I'm just trying to cite the 500k example to prove that it's not all salary jobs that is as bad as you think.

And how many moderate businesses do you think you can venture into in this time of economic recession that will earn you that much regularly per month? Truth is, Regular income is always better than irregular income. You can't put all your eggs in one basket in this age & time . Most people work to earn regular monthly income and run their business in the background. Nobody is that foolish to be depending on a single income in 2016!.