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News Link • Economy - Economics USA

Jim O’Neill: Global income redistribution could be coming

• CNBC.Com

With discussion of income inequality reaching a fever pitchfrom New York City Mayor Bill de Blasio's "tale of two cities" message to the headline-grabbing sermons of Pope Francisformer Goldman Sachs asset management chairman Jim O'Neill believes the global economy could be at a tipping point.

"I wonder if we could be in the very early stages of a redistribution of wealth from capital back to mass income through government policies, whether it be from taxes or things being done to boost minimum wages," O'Neill told CNBC's "Squawk on the Street" on Wednesday. "But obviously this is something else just as human beings, nevermind investors, that we all have to watch closely."

(Read more: Dems' 2014 weapon? A divide between rich and poor)

Citing class tensions in Chile, where income inequality runs rampant and has spurred heavy tax reform proposals, O'Neill said talk of wealth concentrating among the world's elite has become "de rigueur" in the United Kingdom. Most people haven't seen their incomes rise in tandem with surging stock markets, he said.

"The elitist part of the world is still benefiting," O'Neill told CNBC.

 

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