Obscene wealth: World’s 85 richest have same wealth as 3.5 billion poorest
The world’s 85 wealthiest people have as much money as the 3.5 billion poorest people on the planet – half the Earth’s population. That’s according to Oxfam’s latest report on the risks of the widening gap between the super-rich and the poor.
The report, titled “Working for the Few,” was released Monday, and was compiled by Oxfam – an international organization looking for solutions against poverty and injustice.
The document focuses on the extent of global economic inequality caused by rapidly increasing wealth of the richest people that poses the threat to the “human progress.”
A total of 210 people became billionaires last year, joining the existing 1,426 billionaires with a combined net worth of $5.4 trillion.
“Instead of moving forward together, people are increasingly separated by economic and political power, inevitably heightening social tensions and increasing the risk of societal breakdown,” the report stated.
Also, according to the Oxfam data, the richest 1 percent of people across the globe have $110 trillion, or 65 times the total wealth of the bottom half of the planet’s population – which effectively “presents significant threat to inclusive political and economic systems.”
“It is staggering that, in the 21st century, half of the world’s population — that’s three and a half billion people — own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus,” Oxfam chief executive Winnie Byanyima told a news conference.
And the number of the rich is steadily growing: for example, in India the number of billionaires skyrocketed from six to 61 in the past 10 years, and their combined net worth is currently $250 billion.
The report comes ahead of the World Economic Forum in Davos which begins later this week, and urges the world leaders to discuss how to tackle this pressing issue.
Among the solutions presented by Oxfam are measures to avoid tax dodging and using economic wealth to pressure governments, looking for political benefits. Also, the organization calls for “making public all the investments in companies and trusts for which they are the ultimate beneficial owners,” as well as “challenging governments to use tax revenue to provide universal healthcare, education and social protection for citizens.”
Oxfam also said that there are many laws that favor the rich, which were lobbied for in a “power grab” by the world’s wealthiest people.
Since the late 1970s, tax rates for the richest have fallen in 29 out of 30 countries for which data are available, according to Oxfam.
“A survey in six countries (the US, UK, Spain, Brazil, India and South Africa) showed that a majority of people believe that laws are skewed in favor of the rich,” the report said.
For instance, almost 80 percent of the Spanish and the Indians, as well as over 60 per cent of the US and the UK residents, either agree or strongly agree that “the rich have too much influence over where this country is headed.”
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From the Archives
Civilians captured during the fall of Lydda and Ramle around the time of July 12, 1948 and taken to labour camps. In the July heat they were thirsty and were given a drop of water carried by a child under soldiers’ guard. (Photo: Salman Abu Sitta, Palestine Land Society)
By Yazan al-Saadi | Al-Akhbar | September 29, 2014
Much of the grim and murky circumstances of the Zionist ethnic cleansing of Palestinians in the late 1940s have gradually been exposed over time. One aspect – rarely researched or deeply discussed – is the internment of thousands of Palestinian civilians within at least 22 Zionist-run concentration and labor camps that existed from 1948 to 1955. Now more is known about the contours of this historical crime, due to the comprehensive research by renowned Palestinian historian Salman Abu Sitta and founding member of the Palestinian resource center BADIL Terry Rempel.
The facts are these.
The study – to be published in the upcoming issue of the Journal of Palestine Studies – relies on almost 500 pages of International Committee of the Red Cross’s (ICRC) reports written during the 1948 war, that were declassified and made available to the public in 1996, and accidentally discovered by one of the authors in 1999.
Furthermore, testimonies of 22 former Palestinian civilian detainees of these camps were collected by the authors, through interviews they conducted themselves in 2002, or documented by others during different moments of time.
With these sources of information, the authors, as they put it, pieced together a clearer story of how Israel captured and imprisoned “thousands of Palestinian civilians as forced laborers,” and exploited them “to support its war-time economy.” … continue
Aletho News Original Content
By Aletho News | January 9, 2012
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
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