Half the wealth of the world owned by just 1%

Rest of 99% have very little and ‘inequality is staggering’ says Oxfam

GN Bureau | January 19, 2015



This ratio that you are about to read is irrational by any standards. Last year 48% of world’s wealth was owned by just 1% and next year they will have 50%.

It means, the wealth accumulated by the richest 1% will exceed that of the other 99% in 2016, the Oxfam charity said on Monday. The charity's research shows that the share of the world's wealth owned by the richest 1% increased from 44% in 2009 to 48% last year. Oxfam expects the wealthiest 1% to own more than 50% of the world's wealth by 2016.

Last year the 85 richest people has the same wealth as the poorest 50% (3.5 billion people). And comparison becomes even more stark, with the 80 richest people in possession of the same wealth as the poorest 50% by next year.

"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," Oxfam executive director Winnie Byanyima said.

The Oxfam research coincides with the start of the World Economic Forum in Davos on Wednesday. Byanyima will co-chair the Davos event. "Do we really want to live in a world where the one percent own more than the rest of us combined?" she said on Monday.

The 45th World Economic Forum that runs from Wednesday to Saturday will draw a record number of participants this year with more than 300 heads of state and government attending.

The charity is calling on governments to adopt a seven-point plan to tackle inequality, including a clampdown on tax evasion and the move towards a living wage for all workers. "It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world,” the Oxfam said.

Comments

 

Other News

Mumbai Development Plan annoys activists and experts

Approximately one-eighth of Mumbai’s existing landmass is proposed to be added for development works, especially for housing of low income groups. Maharashtra CM Devendra Fadnavis gave green signal to the 2034 development plan that will make more land available by adding over 3,650 he

My musical journey has been really beautiful: Harshdeep Kaur

Harshdeep Kaur is a playback singer better known for her Sufi renditions. She sings Hindi as well as Punjabi. She sang ‘Ik Onkar’ in Rang De Basanti apart from several other soulful songs. Her track ‘R.I.P.’ composed by AR Rahman was part of Oscar-winner Danny Boyle’s film

BJP lawmakers top the list in hate speech cases

Out of all MPs and MLAs in office, 58 have declared cases related to hate speech. This includes union minister for drinking water and sanitation Uma Bharti along with 14 other Lok Sabha MPs. The list also includes 8 state ministers. A party wise analysis reveals that BJP has the highest numb

After its withdrawal from Meghalaya and Arunachal, is it time to review AFSPA in other areas too?

After its withdrawal from Meghalaya and Arunachal, is it time to review AFSPA in other areas too?

Togadia, Sinha and anti-Modi prejudices masked by empty rhetoric

There is an uncanny similarity in the pathological opposition to prime minister Narendra Modi by two members of the right wing, Pravin Togadia and Yashwant Sinha. They come from a diverse social and political background; yet they share a common strand that shows an unmitigated hatred towards

“We are becoming American digital colonies”

Data is the new oil; and it needs to be protected. In an interaction with Governance Now, Lionel Baraban, CEO of Famoco, talks about how the French tech firm is developing secure business devices to safeguard data against going to other countries. What are the major roles o

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter