Eight men own same wealth as half the world


Eight men own same wealth as half the world


Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report printed by today to mark the annual meeting of political and business leaders in Davos.
‘A budget for the 99 percent’, shows that the gap amid rich and poor is far better than had been feared. It details how big business and the super-rich are powering the inequality crisis by evasion taxes, heavy down wages and using their power to influence politics. It calls for an important change in the way we manage our frugalities so that they work for all people, and not just a fortunate few. 
New and better data on the distribution of global wealth – mainly in India and China – designates that the humblest half of the world has less wealth than had been before thought.  Had this new data been obtainable last year, it would have shown that nine billionaires owned the same wealth as the humblest half of the planet, and not 62.

“It is indecent for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day.  Inequality is tricking hundreds of lots in lack; it is fracturing our societies and discouragement equality.  
“Across the world, people are being left behindhand. Their wages are festering yet corporate bosses take home million dollar bonuses; their health and education services are cut while companies and the super-rich dodge their taxes; their voices are ignored as administrations sing to the tune of big business and a rich elite.”

How our shattered economies are channeling wealth to a rich elite at the expense of the poorest in society, the majority of whom are women. The richest are amassing wealth at such a surprising rate that the world could see its first trillionaire in just 25 years.  To put this number in standpoint – you would need to spend $1 million every day for 2738 years to spend $1 trillion.   
Public annoyance with disparity is already creating political repercussions across the globe. Inequality has been cited as a important factor in the election of Donald Trump in the US, the election of President Duterte in the Philippines, and Brexit in the UK.

Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years.  Between 1988 and 2011 the incomes of the poorest 10 percent increased by just $65 per person, while the incomes of the richest 1 percent grew by $11,800 per person – 182 times as much. 
Women, who are often working in low pay sectors, face high levels of judgement in the work place, and who take on an uneven amount of unpaid care work often find themselves at the bottom of the pile.  On present tendencies it will take 170 years for women to be paid the same as men.
‘An Economy for the 99 percent’ also reveals how big business and the super-rich are fueling the disparity crisis.  It shows how, in order to exploit returns to their wealthy stockholders, big companies are dodging taxes, heavy down wages for their workers and the prices paid to creators, and investing less in their business.
Women working in a garment factory in Vietnam who work 12 hours a day, 6 days a week and still fight to get by on the $1 an hour they earn creating clothes for some of the world’s biggest style brands. The CEOs of these companies are some of the uppermost paid people in the world.   Corporate tax evasion costs poor countries at least $100 billion every year. This is sufficient money to provide an education for the 124 million children who aren’t in school and fund healthcare interferences that could prevent the deaths of at least six million children every year.
The report plans how the super-rich use a network of tax havens to evade paying their fair share of tax and an army of wealth bosses to secure returns on their savings that would not be obtainable to ordinary savers.  Contrary to popular confidence, many of the super-rich are not ‘self-made’. As our observation over half the world’s billionaires either congenital their wealth or accumulated it through industries which are prone to corruption and cronyism.

It also demonstrates how big business and the super-rich use their money and influences to ensure government policy works for them. For example, billionaires in Brazil have sought to effect elections and positively lobbied for a discount in tax bills while oil corporations in Nigeria have achieved to secure substantial tax breaks.
“The millions of people who have been left behindhand by our broken frugalities essential answers, not stooges.

“Governments are not abandoned in the face of technical change and market forces.  If politicians stop preoccupying with GDP, and focus on bringing for all their citizens and not just a wealthy few, a better future is conceivable for everyone.”

Governments end the extreme attentiveness of wealth to end deficiency. Governments should increase taxes on both wealth and high incomes to ensure a more level singing field, and to generate funds wanted to invest in healthcare, education and job formation.
Governments collaborate rather than just compete. Governments should work together to ensure workers are paid a dressed wage, and to put a stop to tax evasion and the race to the bottom on corporate tax. 
Governments provision companies that advantage their workers and society rather than just their shareholders. The multi-billion Euro Company Mondragon, is owned by its 74,000 strong staff.  All employees receive a decent wage because its pay construction ensures that the highest paid member of staff earns no more than 9 times the amount of the lowest paid.
Governments ensure economies work for women. They must help to dismantle the barriers to women’s economic development such as access to education and the partial burden of unpaid care work.
The World Economic Forum has responsive and responsible leadership as its key theme this year.  They can make a start by committing to pay their fair share of tax and by ensuring their businesses pay a living wage.  People around the global can also join the campaign. 
The world’s 8 richest people are, in order of net worth:
1.       Bill Gates: America founder of Microsoft (net worth $75 billion)
2.       Amancio Ortega: Spanish founder of Inditex which owns the Zara fashion chain (net worth $67 billion)
3.       Warren Buffett: American CEO and largest shareholder in Berkshire Hathaway (net worth $60.8 billion)
4.       Carlos Slim Helu: Mexican owner of Grupo Carso (net worth: $50 billion)
5.       Jeff Bezos: American founder, chairman and chief executive of Amazon (net worth: $45.2 billion)
6.       Mark Zuckerberg: American chairman, chief executive officer, and co-founder of Facebook (net worth $44.6 billion)
7.       Larry Ellison: American co-founder and CEO of Oracle  (net worth $43.6 billion)
8.       Michael Bloomberg: American founder, owner and CEO of Bloomberg LP (net worth: $40 billion)

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