Quantcast
Connect with us

Global income inequality: Richest 1% to own half of world’s wealth by 2016

Published

on

Wealth accumulated by the richest one percent will exceed that of the other 99 percent in 2016, the Oxfam charity said Monday, ahead of the annual meeting of the world’s most powerful at Davos, Switzerland.

“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.

ADVERTISEMENT

The richest one percent’s share of global wealth increased from 44 percent in 2009 to 48 percent in 2014, the British charity said in a report, adding that it will be more that 50 percent in 2016.

The average wealth per adult in this group is $2.7 million (2.3 million euros), Oxfam said.

Of the remaining 52 percent, almost all — 46 percent — is owned by the rest of the richest fifth of the world’s population, leaving the other 80 percent to share just 5.5 percent with an average wealth of $3,851 (3,330 euros) per adult, the report says.

Byanyima, who is to co-chair at the Davos World Economic Forum taking place Wednesday through Friday, urged leaders to take on “vested interests that stand in the way of a fairer and more prosperous world.”

Oxfam called upon states to tackle tax evasion, improve public services, tax capital rather than labour, and introduce living minimum wages, among other measures, in a bid to ensure a more equitable distribution of wealth.

ADVERTISEMENT

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.

Rising inequality will be competing with other global crises including terrorist threats in Europe, the worst post-Cold War stand-off between Russia and the West and renewed fears of financial turmoil.

France’s Francois Hollande, Germany’s Angela Merkel and China’s Li Keqiang will be among world leaders seeking to chart a path away from fundamentalism towards solidarity.

ADVERTISEMENT

Italian Prime Minister Matteo Renzi and US Secretary of State John Kerry are also expected.

Beyond geopolitical crises, hot-button issues like the Ebola epidemic, the challenges posed by plunging oil prices and the future of technology will also be addressed at the posh Swiss ski resort.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

‘Oh my Lord’: Ex-senator goes off on Trump for lie that he’s a Christian

Published

on

President Donald Trump staged a photo-op in front of St. John's Church in Washington, DC on Monday, clumsily holding a Bible to celebrate his demand to call in the National Guard to disperse Black Lives Matter protesters.

It was a move that sent former Sen. Claire McCaskill into a fury.

"You know, I am so sad and angry and full of emotion about what our country is going through right now," she said during an MSNBC appearance. "And the nerve of this man and the people around him thinking it was a good idea to use police on horses and tear gas and flashbangs to move a peaceful crowd so he could go out there and do something that's at its essence so phony."

Continue Reading

Activism

William Barr personally gave order to disperse protesters ahead of Trump photo op, DOJ confirms

Published

on

The Attorney General of the United States personally issued an order for peaceful protesters to be moved ahead of President Donald Trump's recent walk outside the White House grounds, a report said on Tuesday.

A Justice Department official confirmed to The Washington Post that Attorney General William Barr gave the order when he was seen outside the White House prior to the president's walk to St. John's Episcopal Church.

But on Monday, a White House spokesperson had denied that the protesters were moved to accommodate the president.

Continue Reading
 

Breaking Banner

WATCH: White man fires his gun at George Floyd rally in Boise – and then gets arrested

Published

on

On Tuesday, KTVB reported that a man from Garden City, Idaho has been arrested after firing a gun at the state house in Boise during a protest of the police killing of George Floyd.

"According to Boise police spokeswoman Haley Williams, the shot was fired into the ground. No one was injured and police are investigating the shooting 'as an unintentional or accidental discharge,'" said the report. "Michael Wallace, 18, was booked into the Ada County Jail on a misdemeanor charge of discharge of a firearm in city limits. He has since posted bond and been released."

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image