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:
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.
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