Bloomberg Business: Richest 1% Now Wealthier Than the Rest of the World, Oxfam Says

The following is an excellent article written by Simon Kennedy on January 17, 2016 on the Bloomberg Business website titled “Richest 1% Now Wealthier Than the Rest of the World, Oxfam Says” and I quote:

“Richest 1% Now Wealthier Than the Rest of the World, Oxfam Says”

Occupy Wall Street Protestors March Down New York's Fifth Avenue

Protesters with the ‘Occupy Wall Street’ movement demonstrate. The richest 1 percent is now wealthier than the rest of humanity combined, according to Oxfam.

Photographer: Spencer Platt/Getty Images
  • 62 people have same wealth as 3.5 billion, says charity
  • Oxfam urges crackdown on tax havens to reduce inequality

The richest 1 percent is now wealthier than the rest of humanity combined, according to Oxfam, which called on governments to intensify efforts to reduce such inequality.

In a report published on the eve of the World Economic Forum’s annual meeting in Davos, Switzerland, the anti-poverty charity cited data from Credit Suisse Group AG in declaring the most affluent controlled most of the world’s wealth in 2015. That’s a year earlier than it had anticipated.

Source: Oxfam America
Source: Oxfam America

Oxfam also calculated that 62 individuals had the same wealth as 3.5 billion people, the bottom half of the global population, compared with 388 individuals five years earlier. The wealth of the most affluent rose 44 percent since 2010 to $1.76 trillion, while the wealth of the bottom half fell 41 percent or just over $1 trillion.

The charity used the statistics to argue that growing inequality poses a threat to economic expansion and social cohesion. Those risks have already been noted in countries from the U.S. to Spain, where voters are increasingly backing populist political candidates, while it’s sown tensions on the streets of Latin America and the Middle East.

“It is simply unacceptable that the poorest half of the world’s population owns no more than a few dozen super-rich people who could fit onto one bus,” said Winnie Byanima, executive director of Oxfam International. “World leaders’ concern about the escalating inequality crisis has so far not translated into concrete action.”

Oxfam said governments should take steps to reduce the polarization, estimating tax havens help the rich to hide $7.6 trillion. Politicians should agree on a global approach to ending the practice of using offshore accounts, it said.

Full Report: An Economy for the 1%”

(This is an absolute shame that the wealthiest billionaires have that much money through all the income tax loopholes they got to accumulate this much wealth. A fair income tax system, BASED ON ABILITY TO PAY, WITHOUT ANY LOOPHOLES, is the only way to get our bills paid. Pres Franklin Roosevelt passed a federal income tax as high as 90% and enforced it and it was in effect under Presidents Truman and Eisenhower. Then it was lowered to 70% which is still in line but got even lower to 28% under Pres Ronald Reagan which made it legalized stealing. Discussing this in Davos, Switzerland is just the place it should be done.

LaVern Isely, Progressive, Overtaxed, Independent Middle Class Taxpayer and Public Citizen and USAF Veteran

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About tim074

I'm a retired dairy farmer that was a member of the National Farmer's Organization (NFO). Before going farming, I spent 4 years in the United States Air Force where I saved up enough money to get my down payment to go farming. I also enjoy writing and reading biographies and I write about myself as well as articles and excerpts I find interesting. I'm specifically interested in finances, particularly in the banking industry because if it wasn't for help from my local Community Bank, I never could have started farming which I was successful at. So, I'm real interested in the Small Business Administration and I know they are the ones creating jobs. I have been a member of Common Cause and am now a member of Public Citizen as well as AARP. I have, in the past, written over 150 articles on the Obama Blog (my.barackobama.com) and I'd like to tie these two sites together. I'm also on Twitter, MySpace and Facebook and find these outlets terrifically interesting particularly what many of these people did concerning the uprising in the Arab world. I believe this is a smaller world than we think it is and my goal is to try to bring people together to live in peace because management needs labor like labor needs management. Up to now, that hasn't been so easy to find.
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