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.
“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.
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.
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.
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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