Wednesday, January 29, 2014
Richest 1% Own Half the World’s Wealth
Oxfam International’s latest report titled “Working for the Few” outlines the extent of global economic inequality and the impact this is having on developed and developing nations. Oxfam statistics reveal that the 85 wealthiest people in the world are worth $110 trillion put together, and this disparity, if gone unchecked can hamper human progress.
According to the report, a poll conducted among low wage earners in the US showed that 65% people believe laws and economic policies are skewed in favor of the rich at the expense of the poor. There is also a growing concern that the concentration of wealth and power with the world’s richest goes against the norms of democracy by silencing the voice of the majority to cater to the whims of the rich. The report also proposes a number of solutions by asking governments to focus on issues like tax evasion, investing in education and healthcare, creating equal rights and opportunities for women and redistributive transfers.
Read More : the World’s Wealth