Annual Income of Richest 100 People Enough to End Global Poverty Four Times Over
Annual Income of Richest 100 People Enough to End Global Poverty Four Times Over
By Oxfam / oxfam.org

Leaders must aim to bring down global inequality at least to 1990 levels.

An explosion in extreme wealth and income is exacerbating inequality and hindering the world’s ability to tackle poverty, Oxfam warned today in a briefing published ahead of the World Economic Forum in Davos next week.

The $240 billion net income in 2012 of the richest 100 billionaires would be enough to make extreme poverty history four times over, according Oxfam’s report ‘The cost of inequality: how wealth and income extremes hurt us all.’ It is calling on world leaders to curb today’s income extremes and commit to reducing inequality to at least 1990 levels.

The richest one per cent has increased its income by 60 per cent in the last 20 years with the financial crisis accelerating rather than slowing the process.

Oxfam warned that extreme wealth and income is not only unethical it is also economically inefficient, politically corrosive, socially divisive and environmentally destructive.

Jeremy Hobbs, Executive Director, Oxfam International, said: “We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often the reverse is true.

“Concentration of resources in the hands of the top one per cent depresses economic activity and makes life harder for everyone else – particularly those at the bottom of the economic ladder.

“In a world where even basic resources such as land and water are increasingly scarce, we cannot afford to concentrate assets in the hands of a few and leave the many to struggle over what’s left.”

Members of the richest one per cent are estimated to use as much as 10,000 times more carbon than the average US citizen.

Oxfam said world leaders should learn from the present-day success of countries such as Brazil which has grown rapidly while reducing inequality – as well as the historical success such as the United States in the 1930s when President Roosevelt’s New Deal helped bring down inequality and tackle vested interests. Roosevelt famously warned that the “political equality we once had won was meaningless in the face of economic inequality.”

New global deal needed

Hobbs said: “We need a global new deal to reverse decades of increasing inequality. As a first step world leaders should formally commit themselves to reducing inequality to the levels seen in 1990.

“From tax havens to weak employment laws, the richest benefit from a global economic system which is rigged in their favour. 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.”

Closing tax havens – which hold as much as $32 trillion or a third of all global wealth – could yield an additional $189bn in additional tax revenues. In addition to a tax haven crackdown, elements of a global new deal could include:

  • a reversal of the trend towards more regressive forms of taxation;
  • a global minimum corporation tax rate;
  • measures to boost wages compared with returns available to capital;
  • increased investment in free public services and safety nets.

Contact Information

For more information, please contact:
Jon Slater +44 (0)1865 472249/+44 (0)7876 476403/ jslater@oxfam.org.uk
 

You may also like

Robin Hood Tax campaign

Today's rising food prices will trap millions tomorrow - case studie

Millennium Development Goals

 

4.3 ·
2
What's Next
Trending Today
Ten Ways We Misunderstand Children
Jan Hunt · 13,512 views today · 1. We expect children to be able to do things before they are ready. We ask an infant to keep quiet. We ask a 2-year-old to sit still. We ask a 3-year-old to clean his room...
The Little Engine That Couldn't: How We're Preparing Ourselves and Our Children for Extinction
Daniel Quinn · 13,090 views today · In a recent semi-documentary film called Garbage, a toxic waste disposal engineer was asked how we can stop engulfing the world in our poisons. His answer was, "We'd have to...
Rap News Special Edition: Hillary Clinton Vs Donald Trump
7 min · 7,613 views today · Hello world. RAP NEWS is back for a special episode on the 2016 USA Election mayhem, feat. Hillary Clinton vs Donald Trump + a touch of Jill Stein & Gary Johnson. This one's...
When You Kill Ten Million Africans You Aren't Called 'Hitler'
Liam O'Ceallaigh · 3,860 views today · Take a look at this picture. Do you know who it is? Most people haven’t heard of him. But you should have. When you see his face or hear his name you should get as sick in...
Debt, Inequality and the Logic of Financial Violence
David Graeber · 3,744 views today · Five years after Occupy, organizer and anthropologist David Graeber speaks to ROAR about the power of finance, the history of inequality and the legacy of the movement.
Prince Ea Just Put The School System on Trial and Found it Guilty of Killing Free Thought
6 min · 2,976 views today · Albert Einstien once said "Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid". Today Prince...
Incredible Photographs and Witness Statements from Charlotte and Baton Rouge Protests
Mankaprr Conteh · 1,631 views today · On September 20, a black father named Keith Lamont Scott was fatally shot by an officer of the Charlotte-Mecklenburg Police Department. It is not clear if he was armed...
How You Can Support Standing Rock
Thane Maxwell · 1,454 views today · This is your pipeline battle too. Whatever you have to offer, we need it. Wherever you are, take one step deeper. Find your voice. Find your own front lines.
Yemen's Forgotten War and Famine Fuelled by Weapons from The West
3 min · 1,373 views today · The world has forgotten the war in Yemen but you'll remember these shocking images of its starving children.
18 Empowering Illustrations to Remind Everyone Who's Really in Charge of Women's Bodies
Julianne Ross · 1,365 views today · When Brazilian graphic designer Carol Rossetti began posting colorful illustrations of women and their stories to Facebook, she had no idea how popular they would...
Your Lifestyle Has Already Been Designed (The Real Reason For The Forty-Hour Workweek)
David Cain · 965 views today · Well I’m in the working world again. I’ve found myself a well-paying gig in the engineering industry, and life finally feels like it’s returning to normal after my nine months...
John Lennon's "Imagine," Made Into a Comic Strip
John Lennon. Art by Pablo Stanley · 873 views today · This is easily the best comic strip ever made.  Pabl
Schooling the World (2010)
66 min · 863 views today · If you wanted to change an ancient culture in a generation, how would you do it? You would change the way it educates its children. The U.S. Government knew this in the 19th...
Gabor Maté: Why Our Culture Makes So Many Of Us Unhappy
3 min · 852 views today · Dr. Gabor Maté explains why it is that our culture makes so many of us unhappy, unkind to one another, miserable, alienated from ourselves, etc. Watch the full interview in Part 2.
The Left Deserves Better Than Jill Stein
Kate Aronoff · 837 views today · Stein’s Green Party run doesn’t offer a plan to win, or to build power. The Left is capable of so much more.
Olympian John Carlos on the Power of Protest
3 min · 803 views today · 1968 Olympic athlete John Carlos protested racial inequality by raising his fist in a Black Power salute on the medal stand. He has some advice for athletes like Colin...
Kids Killed by Guns: America's Daily Nightmare
3 min · 769 views today · On an average day in America, seven children and teenagers will be shot dead.Gary Younge tells the stories of the lives lost on one random day - 23 November 2013. Ten children...
The White Man in That Photo
Riccardo Gazzaniga · 733 views today · Sometimes photographs deceive. Take this one, for example. It represents John Carlos and Tommie Smith’s rebellious gesture the day they won medals for the 200 meters at the...
It Didn't Start With You: How Inherited Family Trauma Shapes Who We Are
Mark Wolynn · 575 views today · The past is never dead. It’s not even past. — William Faulkner, Requiem for a Nun
Bitter Lake (2015)
136 min · 440 views today · Adam Curtis: Politicians used to have the confidence to tell us stories that made sense of the chaos of world events. But now there are no big stories and politicians react...
Load More
Like us on Facebook?
Annual Income of Richest 100 People Enough to End Global Poverty Four Times Over