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.
1 Comment »
or go to
From the Archives
On the evening of February 13, 1945, an orgy of genocide and barbarism began against a defenseless German city, one of the greatest cultural centers of northern Europe. Within less than 14 hours not only was it reduced to flaming ruins, but an estimated one-third of its inhabitants, possibly as many as a half a million, had perished in what was the worst single event massacre of all time. … continue
Aletho News Exclusive Content
This article will examine some of the connections between the US and UK National Security apparatus and the appearance of the anthropogenic global warming (AGW) theory beginning after the accident at Three Mile Island. … continue
Also by Aletho News:
September 19, 2011
March 8, 2011
January 2, 2011
October 10, 2010
July 5, 2010
February 25, 2010
February 7, 2010
January 5, 2010
December 26, 2009
December 19, 2009
December 4, 2009
May 9, 2009
- Mohammed al-Qiq on the verge of death: sign Avaaz petition to demand his freedom NOW! February 12, 2016
- Call for Action! Protest to demand Mohammed Al-Qeeq’s freedom! February 11, 2016
- Palestinian refugees fleeing Syria seek home in Gaza February 11, 2016
- The Occupation Goes Missing from The NY Times February 8, 2016
TagsAfghanistan Africa AIPAC al-Akhbar Al-Manar al-Qaeda American Civil Liberties Union Argentina Bashar al-Assad Benjamin Netanyahu Brazil Canada Central Intelligence Agency China CIA Colombia Egypt EU European Union FBI Federal Bureau of Investigation France Gaza Germany Hamas Hebron Hezbollah Hillary Clinton Honduras Hugo Chávez Human rights India International Atomic Energy Agency International Solidarity Movement Iran Iraq Iraq War ISIL ISIS Israel Israeli settlement Japan Jerusalem John Kerry Latin America Lebanon Libya Mexico Middle East Military National Security Agency NATO New York Times NSA Obama Pakistan Palestine Police Press TV Qatar Russia Sanctions against Iran Saudi Arabia Syria Turkey UK Ukraine United Nations United States USA Venezuela Washington Post West Bank Yemen Zionism
Visits Since December 2009
- 2,486,254 hits
Contact:atheonews (at) gmail.com
- The Dawn of Killer Robots February 12, 2016
- $470 mil HSBC settlement, but no one is in jail February 12, 2016
- Counter-terror laws hampering Islamic charities’ work – former ministers February 12, 2016
- Litvinenko and the Demise of British Justice February 12, 2016
- What Medvedev never said: Reuters misquotes Russian PM on ‘new world war’ February 12, 2016
- Democratizing the EU February 12, 2016
- Do We Need a Bigger War? February 12, 2016
- US Blames Putin When Erdogan Caught Weaponizing Refugees February 12, 2016
- US keeps bans against Iran’s Mahan Air February 12, 2016
- Syria crisis plan: Cessation of hostilities, humanitarian airdrops, peace talks laid out in Munich February 12, 2016
- Britain’s War Crimes Will Not Go Unpunished February 11, 2016
- Documents Point to US Base for Polluting Okinawa Water Supply February 11, 2016
- Israel denies European Parliament delegation access to Gaza February 11, 2016
- Netanyahu’s Zoomorphic Bigotry: A Retrospective February 11, 2016
- What US Congress Researchers Reveal About Washington’s Designs on Syria February 11, 2016
- Obama regime seeks to roll back human rights conditions on aid to Egypt February 11, 2016
- Turkey’s Revival of a Dirty ‘Deep State’ February 11, 2016
- New US Spy Satellite Lifts Off as Obama Criticizes N. Korean Launch February 11, 2016
Looking for something?
Categories"Hope and Change" Aletho News Civil Liberties Corruption Deception Economics Environmentalism Ethnic Cleansing, Racism, Zionism False Flag Terrorism Full Spectrum Dominance Illegal Occupation Islamophobia Mainstream Media, Warmongering Malthusian Ideology, Phony Scarcity Militarism Nuclear Power Science and Pseudo-Science Solidarity and Activism Subjugation - Torture Supremacism, Social Darwinism Timeless or most popular Video War Crimes Wars for Israel
This site is provided as a research and reference tool. Although we make every reasonable effort to ensure that the information and data provided at this site are useful, accurate, and current, we cannot guarantee that the information and data provided here will be error-free. By using this site, you assume all responsibility for and risk arising from your use of and reliance upon the contents of this site.
This site and the information available through it do not, and are not intended to constitute legal advice. Should you require legal advice, you should consult your own attorney.
Nothing within this site or linked to by this site constitutes investment advice or medical advice.
Materials accessible from or added to this site by third parties, such as comments posted, are strictly the responsibility of the third party who added such materials or made them accessible and we neither endorse nor undertake to control, monitor, edit or assume responsibility for any such third-party material.
The posting of stories, commentaries, reports, documents and links (embedded or otherwise) on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such posted material or parts therein.
The word "alleged" is deemed to occur before the word "fraud." Since the rule of law still applies. To peasants, at least.
This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more info go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
This is information for anyone that wishes to challenge our “fair use” of copyrighted material.
If you are a legal copyright holder or a designated agent for such and you believe that content residing on or accessible through our website infringes a copyright and falls outside the boundaries of “Fair Use”, please send a notice of infringement by contacting firstname.lastname@example.org.
We will respond and take necessary action immediately.
If notice is given of an alleged copyright violation we will act expeditiously to remove or disable access to the material(s) in question.
All 3rd party material posted on this website is copyright the respective owners / authors. Aletho News makes no claim of copyright on such material.