Richest 1% to own more than half the world's wealth next year - Oxfam

Richest 1% to own more than half the world's wealth next year - Oxfam

The richest 1 percent of the population will own more than half the world’s wealth by 2016, Oxfam International said in a report released as the World Economic Forum begins in Davos, Switzerland

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executive director of the charity Oxfam Winnie Byanyima speaks during the World Economic Forum on Africa in Abuja, Nigeria
executive director of the charity Oxfam Winnie Byanyima speaks during the World Economic Forum on Africa in Abuja, Nigeria
Photo: Associated Press

Oxfam said the world’s richest people saw their share of global wealth jump to 48 per cent last year from 44 per cent in 2009. Rising inequality is holding back the fight against global poverty as the world’s biggest companies lobby the United States and European Union for beneficial tax changes at a time when average taxpayers are still paying the bill for the financial crisis, Oxfam said.

“Do we really want to live in a world where the 1 per cent own more than the rest of us combined?” Winnie Byanyima, Oxfam’s executive director, said in a statement.

“The scale of global inequality is quite simply staggering, and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast.”

While world leaders such as US President President Barack Obama and International Monetary Fund chief Christine Lagarde have talked about tackling extreme economic inequality “we are still waiting for many of them to walk the walk,” Byanyima said.

The healthcare and financial services industries spent almost US$900 million to pressure the US government for favourable laws in 2013, and more than US$200 million was spent on lobbying in the EU, Oxfam said. 

At the same time, one in nine people don’t have enough to eat and more than a billion people live on less than US$1.25 a day, Oxfam said, ticking off statistics that paint a grim picture for all but the world’s richest. 

The charity is calling for a crackdown on tax avoidance by corporations and rich people, as well as increased investment in health and education and equal pay legislation. 

Are the wealthy really that much better than the rest of the world? Find out what The Guardian writer Suzanne Moore has to say 

Can Hong Kong balance the wealth gap?

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