The World's Income Inequality Is Even Crazier Than You Think
- Author: Kyle Warner Jan 17, 2017,
Jan 17, 2017, 0:43
Lawrence J. Ellison, founder of Oracle, $43.6 billion.
The country's two wealthiest people own the same amount as the poorest 30 percent in New Zealand. A fairer comparison shows that almost half of the global population lives below the "ethical poverty line", which is the amount per day needed to reach a normal life expectancy of just over 70 years.
A similar report published by the organisation a year back states that 62 people on the planet owned as much wealth as the bottom half of the population.
The incomes of the poorest 10% of people increased by less than $3 a year between 1988 and 2011, while the incomes of the richest 1% increased 182 times as much.
The executive director of Oxfam New Zealand, Rachael Le Mesurier said it was shocked to discover the weath inequity in this country, saying it is trapping huge numbers of people in poverty and fracturing socieities, citing the drop in home ownership rates as one example.
"Across the world, people are being left behind".
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Here in the United Kingdom we are told that income inequality is falling - but we're still the seventh most unequal country out of thirty in the OECD. Oxfam analysis shows over half the world's billionaires either inherited their wealth or accumulated it through industries, which are prone to corruption and cronyism. It means that in India women are not only poorly represented in the top bracket of wage-earners, but also experience wide gender pay gap at the bottom.
False assumption #1: The market is always right, and the role of governments should be minimized... "If politicians stop obsessing with GDP [Gross Domestic Product], and focus on delivering for all their citizens and not just a wealthy few, a better future is possible for everyone". Millions have been raised up from poverty; the problem is a few people at the top are doing increasingly better.
"Yet governments, anxious to defend their own corporate sectors and perceived national interests, have failed to adequately respond to companies' use of tax loopholes, corporate power and new technology to avoid paying their fair share".
Obscenely rich, if a new report by Oxfam, an worldwide confederation of charitable organisations, is to be believed. How come that nothing effective has been done do far to prevent it or at least reduce it?
OxFam presented growing inequality as a threat to social stability and fuel for the populism that's now blazing across parts of the globe. Maximizing profits disproportionately boosts the incomes of the already rich while putting unnecessary pressure on workers, farmers, consumers, suppliers, communities and the environment...
Until a global tax authority emerges, there is very little that can be done about the statistics around the mega-rich.
False assumption #3: Extreme individual wealth is benign and a sign of success, and inequality is not relevant. Governments should also support corporations that pay fair wages and fair taxes, and which take into account the impact of their operations on the environment.