World’s 100 richest earned enough in 2012 to end global poverty 4 times over
The world’s 100 richest people earned a stunning total of $240 billion in 2012 – enough money to end extreme poverty worldwide four times over, Oxfam has revealed, adding that the global economic crisis is further enriching the super-rich.
“The richest 1 percent has increased its income by 60 percent in the last 20 years with the financial crisis accelerating rather than slowing the process,” while the income of the top 0.01 percent has seen even greater growth, a new Oxfam report said.
For example, the luxury goods market has seen double-digit growth every year since the crisis hit, the report stated. And while the world’s 100 richest people earned $240 billion last year, people in “extreme poverty” lived on less than $1.25 a day.
Oxfam is a leading international philanthropy organization. Its new report, ‘The Cost of Inequality: How Wealth and Income Extremes Hurt us All,’ argues that the extreme concentration of wealth actually hinders the world’s ability to reduce poverty.
The report was published before the World Economic Forum in Davos next week, and calls on world leaders to “end extreme wealth by 2025, and reverse the rapid increase in inequality seen in the majority of countries in the last 20 years.”
Oxfam’s report argues that extreme wealth is unethical, economically inefficient, politically corrosive, socially divisive and environmentally destructive.
The report proposes a new global deal to world leaders to curb extreme poverty to 1990s levels by:
- closing tax havens, yielding $189bn in additional tax revenues
- reversing regressive forms of taxation
- introducing a global minimum corporation tax rate
- boosting wages proportional to capital returns
- increasing investment in free public services
The problem is a global one, Oxfam said: “In the UK inequality is rapidly returning to levels not seen since the time of Charles Dickens. In China the top 10 percent now take home nearly 60 percent of the income. Chinese inequality levels are now similar to those in South Africa, which is now the most unequal country on Earth and significantly more [inequality] than at the end of apartheid.”
In the US, the richest 1 percent’s share of income has doubled since 1980 from 10 to 20 percent, according to the report. For the top 0.01 percent, their share of national income quadrupled, reaching levels never seen before.
“We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often the reverse is true,” Executive Director of Oxfam International Jeremy Hobbs said.
Hobbs explained that concentration of wealth in the hands of the top few minimizes economic activity, making it harder for others to participate: “From tax havens to weak employment laws, the richest benefit from a global economic system which is rigged in their favor.”
The report highlights that even politics has become controlled by the super-wealthy, which leads to policies “benefitting the richest few and not the poor majority, even in democracies.”
“It is time our leaders reformed the system so that it works in the interests of the whole of humanity rather than a global elite,” the report said.
The four-day World Economic Forum will be held in Davos starting next Wednesday. World financial leaders will gather for an annual meeting that will focus on reviving the global economy, the eurozone crisis and the conflicts in Syria and Mali.
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From the Archives
The extent to which American culture is imbued by anti-Arab racism
By Ernest A. Canning - 8/21/2009
As revealed [in an] Egypt Today review, Jack Shaheen’s study of early 20th Century films exposed Hollywood’s application of “the generic ‘Ali Baba kit’ comprising of lecherous, barbaric Arab men flanked by erotic belly dancers.” Just as African American men were cast as lusting after white women in the Jim Crow era, these early films depicted the “prize of every Sheikh’s harem” as “the abducted American woman who bravely fights off her sinister master’s sexual advances.”
These disparaging images morphed into an even more sinister caricature of Arabs in the post World War II era — images that coincided with the advent of the Arab/Israeli conflict, the early 70s oil embargo and the Iranian hostage crisis. Against a backdrop of a reality in which intelligent Arab women today are “succeeding in all professions,” Sheehan laments, Hollywood replaced the erotic image of the belly dancer with projections of the Arab woman “as a bomber, a terrorist.” Added to this is what Shaheen calls “’bundles in black,’ veiled women in the background, in the shadows, submissive.”
The threat of Arab/Muslim terrorists finds its ultimate embodiment in Rules of Engagement, a film which was written by former Secretary of the Navy and now U.S. Senator James Webb (D-VA); a film Shaheen describes as “the most racist.”
Shaheen described the action, which takes place in Yemen… continue
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