Dear IDC Community,
Here is the second article resubmitted to highlight its contents. Shocking!
The current state of economics is NOT how we wish to do things in the future. Greed+hording is so old school. Caring+sharing is new school. The old saying is still true - "You can't take it with you". But you can take "love" with you. For ZIM holders, this is not your money, but humanities money. Share it wisely.
Top eight richest men worth more than HALF of the world's population
An analysis by Oxfam finds the eight multibillionaires have a combined fortune of $426billion
by JASON BEATTIE, 16 JAN 2017
The eight richest people on the planet are worth more than the combined wealth of half the world’s population.
An analysis by Oxfam finds the eight multibillionaires - who could share a ride on a golf buggy - have a combined fortune of $426billion (£351billion).
By contrast half the planet’s population, some 3.6billion people, have a combined wealth of $409billion (£337billion).
Mark Goldring, Oxfam GB Chief Executive, said: “This year’s snapshot of inequality is clearer, more accurate and more shocking than ever before. It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity. “
The figures are published ahead of the gathering of the business and political elite at the World Economic Forum in Davos Switzerland.
The key theme of the gathering, which Theresa May is attending, is responsive and responsible leadership.
Oxfam said its report “An Economy for the 99%” showed the gap between rich and poor “ is far greater than had been feared.”
It said the concentration of wealth at the top was holding back the fight to end global poverty and said business were increasingly focused on delivering “ever-higher returns to wealthy owners and top executives.”
“Companies are structured to dodge taxes, drive down workers’ wages and squeeze producers instead of fairly contributing to an economy that benefits everyone,” the charity said.
The report found that between 1988 and 2011 the incomes of the poorest 10% increased by just $65, while the incomes of the richest 1% grew by $11,800 – 182 times as much.
A separate analysis by the Equality Trust found the richest 100 families in Britain have seen their combined wealth increase by at least £55.5billion since 2010 - an average increase in wealth of £653million each.
By contrast, average household income has increased by just £4 per week since 2010.
Mr Goldring added: “While one in nine people on the planet will go to bed hungry tonight a small handful of billionaires have so much wealth they would need several lifetimes to spend it. The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become.
“Inequality is not only keeping millions of people trapped in poverty, it is fracturing our societies and poisoning our politics.
"It’s just not right that top executives take home massive bonuses while workers’ wages are stagnating or that multinationals and millionaires dodge taxes while public services are being cut.”
Dr Wanda Wyporska of the Equality Trust, said: “Since the financial crash of 2008 the richest 100 families in Britain have seen their combined wealth increase on average by £364,052 per week, while median household income has increased by just £10 per week.
“This cavernous gap between the richest and the rest of us should be a real source of worry, not just globally but here in the UK, where extreme inequality is ravaging society.
"As the IMF, World Bank and recently President Obama have warned, inequality is the scourge of our time and we know that in countries where inequality is high, we see increased rates of violence, mental and physical ill health and lack of trust.”