#WEF2017: 8 men own the same as 3.6bn

Jan 17, 2017, 00:23
#WEF2017: 8 men own the same as 3.6bn

Oxfam's report indicates that inequality in wealth distribution has increased significantly since past year when it had said that 62 of the world's richest people own half its wealth.

REUTERS/Carlos BarriaA homeless woman sits on a bench few blocks away from the White House in downtown Washington, September 1, 2015.

Oxfam Chief Executive Dr Helen Szoke said Australia had not escaped the trend, with an Oxfam analysis showing the country's richest two billionaires, who are worth Dollars $16.1 billion (AUD $21.6) between them, own more than the poorest 20 per cent of the population.

As the world's elite gather for their annual worldwide gabfest in Davos, Switzerland for the World Economic Forum, Oxfam's timely report is a good reminder that global wealth is dangerously concentrated in the hands of an unaccountable and filthy rich few.

The report, An Economy for the 99%, discovered that the 8 richest men in the world, from Bill Gates to Michael Bloomberg, have a net combined worth of $426 billion which is equal to the combined wealth of 3.6 billion people.

Oxfam used Forbes' billionaires list that was last published in March 2016 to make its headline claim.

Obscenely rich, if a new report by Oxfam, an worldwide confederation of charitable organisations, is to be believed.

That's a stunning change from just three years ago, when Oxfam found that 85 people carried that much wealth.

New research released today by Oxfam shows that the richest one percent of New Zealanders hold 20 percent of the country's total wealth, while 90 percent of the population account for less than half the nation's wealth. "The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become".

The richest men - including Bill Gates, Amazon boss Jeff Bezos and Facebook founder Mark Zuckerberg - have the same amount of money as the poorest 3.6 billion people in the world.

"From Brexit to the success of Donald Trump's presidential campaign, a worrying rise in racism and the widespread disillusionment with mainstream politics, there are increasing signs that more and more people in rich countries are no longer willing to tolerate the status quo", the report said. During the next two decades, 500 people will leave $2.1 trillion in wealth to their heirs, or more than the GDP of India. "This wouldn't just be the right thing to do, a more fair economy would also be simple common sense and enormously popular with New Zealanders", she said. We've got a situation where billionaires are paying (proportionally) less tax often than their cleaner or their secretary.

Oxfam urged an increase in tax rates for "rich individuals and corporations", adding that tax evasion is a critical issue. "But we're also seeing that this extreme concentration of wealth is undermining democracy".

In the United States, by contrast, billionaires have frequently chosen to cash out of their businesses, and their wealth has not lasted so long.

"An obvious immediate solution to this growing inequality would be to more fairly tax wealth, rather than income, and use the revenue to better fund health, education and housing".

YOU MIGHT ALSO LIKE
  • Lamar Odom: 'I want my wife back'

    Lamar Odom: 'I want my wife back'

    The fitness fanatic has stripped down to a slinky leotard to show off her killer figure in a string of smokin' hot images. Meanwhile, Khloe previously revealed she used the gym as a "stress reliever" after her split from Lamar .
    Google Maps Makes it Easier to Book an Uber, Lyft

    Google Maps Makes it Easier to Book an Uber, Lyft

    When a user opens the Google Maps ride services mode, they'll now see pricing and options from the ride-hailing providers. Clicking on a service will pull up ride options as well as any special offers or promotions.
    Old School, New School! The Retrobit Super Retro Boy

    Old School, New School! The Retrobit Super Retro Boy

    No European price or launch date has been revealed, but in the U.S. , this will be sold for $79.99 and will see release in August. It's worth noting that this isn't created to be used as an emulator though - you'll need to use cartridges to play any games.
  • Johanna Konta beats Eugenie Bouchard to progress to final in Sydney

    Konta said on court: "Dan Evans started it off and I'm just happy I was able to bring it home". Moreover, this will be her second Sydney final after winning the title in 2013.
    New GTS models join Porsche 911 range

    New GTS models join Porsche 911 range

    Inside, the cars get standard sport seats finished in leather and Alcantara and feature GTS logos in the headrests. All GTS models also come with the new Porsche Track Precision App as part of the standard Sport Chrono Package.
    Kia Motors announces it's new GT- The Stinger

    Kia Motors announces it's new GT- The Stinger

    As a rough index, MSRPs in the Stinger's target segment typically range from about $35,000 to a little over $50,000. This being a static unveil at the Detroit Motor Show, we can't say, but the ingredients look very positive.
  • Everton's Morgan Schneiderlin aims to 'overtake' Manchester United

    Everton's Morgan Schneiderlin aims to 'overtake' Manchester United

    Schneiderlin will wear the No 2 shirt at Everton, who will pay an initial £20m to United with the fee eventually rising up to £24m.
    Boy, 12, 'pulls gun on girl and demands a chicken nugget'

    Boy, 12, 'pulls gun on girl and demands a chicken nugget'

    Police say the boy asked a 13-year-old girl for a McNugget at a McDonald's near East 103rd Street and Third Avenue on Tuesday. Cops have not found the gun, which law-enforcement sources said the boy would often show off to other kids.
    Donald Trump is rekindling one of his favorite conspiracy theories: vaccine safety

    Donald Trump is rekindling one of his favorite conspiracy theories: vaccine safety

    In 1998, the Lancet published a study which claimed autism was linked to the measles , mumps and rubella (MMR) vaccine. On Tuesday, President-elect Donald Trump appointed Robert F.
  • Humanitarian of Year Award ceremony to commemorate legacy of Dr. King

    Humanitarian of Year Award ceremony to commemorate legacy of Dr. King

    King's dream and share in this great day with the residents of Columbus who attend and support this event each year". On behalf of IUPUC, she adds, "We look forward to the opportunity hear from students who are now living Dr.
    Man rides avalanche on inflatable backpack

    Man rides avalanche on inflatable backpack

    The Black Diamond bag Oye wore costs $1,100 (£900, AU$1,470), and his friends recently gave it to him as a gift. A Whistler, B.C., snowboarder can thank his inflatable avalanche backpack for saving his life Wednesday.
    Lord Snowdon, Princess Margaret's ex-husband, dies aged 86

    Lord Snowdon, Princess Margaret's ex-husband, dies aged 86

    Lord Snowdon, the former husband of Princess Margaret, has died peacefully at the age of 86 a family spokesperson has announced. The motorbike-riding celebrity photographer also made headlines throughout the years - often for controversial reasons.
popular