What will happen if everyone in the world became rich and there is no more poverty?

Question

use your imagination

Answer 1

Money would then be almost worthless.
if everyone had a bunch of money then all the companies in the world would raise their prices. So everything, ex. food, cars, housing, clothes, gas, napkins.. everything would simpley go up in price which at that point your standard dollar or what every you use would become worth less than it is now so in turn the rich would still be rich the poor would sitll be pour and the middle class would still be middle class

Answer 2

In a way, this has already happened in the west. Although most of us are not rich by the new standards being set, most medieval peasants would consider the average American worker to be wealthy. In fact, a medieval lord might even envy the average working joe's diet.
So poverty, once you get past a certain comfort line appears to be a relative question. If all were wealthy, we would still be envious of the one person more wealthy than we are. This is how contemporary capitalism seems to work: Basic needs have been filled a long time ago. Now the art of producing more seems to be based on creating envy, on making sure people are dissatisfied with what they have.

Answer 3

There are places where there is no poverty. For instance, the city where the worlds tallest building resides in Dubai. Everyone there may not be rich, but their government pays the citizens to just be. Dubai offers many jobs for Americans from what I heard. I honestly believe that we need certain levels of poverty and certain levels of wealth. I think the world would be one crowded mess if we were all rich.

Deflation and Overpopulation

Answer 4

Not feasible.

First and foremost, the law of scarcity comes into play. There are only a finite amount of resources and an infinite amount of needs and wants. Therefore, there will be struggle for such scarce resources. It all depends on what each individual needs and desires. When there is such a high demand for a certain thing, the value of it rises. Thus, only those with the means and know-how to obtain such resources will be "rich"; those who otherwise fail in their endeavours will be "poor." Because of this, trade-offs occur for one thing against another.

Answer 5

Wealth is relative. Even in a "wealthy" community, those with the least are those in poverty. Price would be high to reflect the ability of the "rich" to pay, and the shop keepers will then become less "poor", and the prices would go up even higher.

Answer 6

There already is more than enough wealth in the world... if only we could rid ourself or pride and share it... then the world would be like you describe... but it is up to you to start making it this way... share with friends, and life, and you...

Answer 7

No ONE will work in minimum wage jobs. Everything WILL be expensive. Just exactly why some things are more expensive in richer countries than poorer countries. Basic economics.

Answer 8

Never happen in this world so the question is pointless

Answer 9

The least rich will be considered poor.

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Answer 10

There would be no one to wash my car, which would suck for the obvious reasons.