A new Oxfam report shows that 62 billionaires have more money than the poorest half of the global population (3.5 billion). The Oxfam report calls for urgent action on the growing trend of a supermassive wealth gap. This global wealth distribution gap is growing very quickly, having seen that in 2010; 388 billionaires owned as much as half of the world. Now; only 62 do…
Credit: Oxfam.org.uk
“It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich – so few, you could fit them all on a single coach.” – Mark Goldring, Oxfam GB Chief Executive
This report is especially timely as Davos; a an annual gathering of global financial and political elites in Davos, Switzerland, has recently passed. To some; the report sparks a sense of anger, to others pure fascination, but to everyone it is equally shocking. This report is labelled as an economy for the 1%, and it essentially demonstrates the growing wealth inequality in the world.
Since 2010, the wealth of the poorest 3.5 billion has dropped by a trillion dollars, despite an almost 400 million population increase. All the while, the wealth of the richest 62 has increased more than half a trillion dollars to $1.76tr.
The Oxfam report is now calling for government officials to adopt a three-sided approach: cracking down on tax evasion, increased investment in public services and action to boost the income of the lowest paid individuals.
It is estimated that $7.9tr of global billionaires’ money is stored in offshore accounts, which if it was being properly taxed; would contribute $190billion to government budgets. Which would in turn contribute greatly to global leaders’ plan to eliminate extreme poverty by 2030.
“Ending extreme poverty requires world leaders to tackle the growing gap between the richest and the rest which has trapped hundreds of millions of people in a life of poverty, hunger and sickness.
“It is no longer good enough for the richest to pretend that their wealth benefits the rest of us when the facts show that the recent explosion in the wealth of the super-rich has come at the expense of the poorest.” – Mark Goldring
This report, in essence, demonstrates the significant power of the extremely wealthy on politics, economic systems, and environmental policy. It is predicted that each year, a smaller and smaller group of people will own more and more of the world.
What are your thoughts on the “Economy for the 1%”?