![]() Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years. Inequality has been cited as a significant factor in the election of Donald Trump in the US, the election of President Duterte in the Philippines, and Brexit in the UK. Public anger with inequality is already creating political shockwaves across the globe. To put this figure in perspective – you would need to spend $1 million every day for 2738 years to spend $1 trillion. The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years. Oxfam’s report shows how our broken economies are funnelling wealth to a rich elite at the expense of the poorest in society, the majority of whom are women. Their wages are stagnating yet corporate bosses take home million dollar bonuses their health and education services are cut while corporations and the super-rich dodge their taxes their voices are ignored as governments sing to the tune of big business and a wealthy elite.” “Across the world, people are being left behind. Inequality is trapping hundreds of millions in poverty it is fracturing our societies and undermining democracy. “It is obscene 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. Winnie Byanyima, Executive Director of Oxfam International, said: ![]() Had this new data been available last year, it would have shown that nine billionaires owned the same wealth as the poorest half of the planet, and not 62, as Oxfam calculated at the time. New and better data on the distribution of global wealth – particularly in India and China – indicates that the poorest half of the world has less wealth than had been previously thought. It calls for a fundamental change in the way we manage our economies so that they work for all people, and not just a fortunate few. It details how big business and the super-rich are fuelling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics. Oxfam’s report, ‘ An economy for the 99 percent’, shows that the gap between rich and poor is far greater than had been feared. ![]() 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 published by Oxfam today to mark the annual meeting of political and business leaders in Davos.
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