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.
Bharat Heavy Electricals Limited (BHEL) has commenced the execution of the 4,000 MW Yadadri supercritical thermal power project. The order of the project was placed by Telangana State Power Generation Corporation Limited (TSGENCO). The thermal power project is locat
The Jaipur airport has been rated as the best airport in the category of 2-5 million passengers in ACI-ASQ (airports council international-airport service quality) survey at a function held in Mauritius. Srinagar airport was adjudged as the second best airport in the same category. This is
UNESCO’s latest report on education has put the spotlight on a host of issues, including teachers’ absenteeism. Global Education Monitering Report 2017 http://unesdoc.unesco.org/images/0025/002593/259338e.pdf said that In India, estimates differed among studies on absenteeism of
Would former IB director Dineshwar Sharma be able to initiate fruitful talks in J&K?
Would rejigging GST help small businesses?
Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher. Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie