The inequality gap — five sickening facts

22 January, 2017 at 17:18 | Posted in Politics & Society | 2 Comments

140120171906-davos-income-inequality-oxfam-international-winnie-byanima-intv-00011911-story-top1 Just eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity. Although some of them have earned their fortune through talent or hard work, over half the world’s billionaires either inherited their wealth or accumulated it through industries prone to corruption and cronyism.

2 Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years.

3 The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years. So, you would need to spend $1 million every day for 2738 years to spend $1 trillion.

4 Extreme inequality across the globe is having a tremendous impact on women’s lives. Employed women, who face high levels of discrimination in the work place, and take on a disproportionate amount of unpaid care work often find themselves at the bottom of the pile. On current trends, it will take 170 years for women to be paid the same as men.

5 Corporate tax dodging costs poor countries at least $100 billion every year. This is enough money to provide an education for the 124 million children who aren’t in school and prevent the deaths of at least six million children thanks to health care services.

Oxfam

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2 Comments

  1. “Although some of them have earned their fortune through talent or hard work, over half the world’s billionaires either inherited their wealth or accumulated it through industries prone to corruption and cronyism.”

    Really???

  2. Some time ago I looked at Oxfam’s numbers going back to 2010. On a semilog plot it’s not a bad looking fit. Extrapolating (just for fun) the line predicted10 people would own the 50% by 2020, then down to one by 2023. One caveat is that they use net wealth IIRC so that many well off US people with mortgages and ed loans may count among the poor. But the trend feels right when you see private yachts that look like ocean liners. But it also suggests that this in unsustainable.


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