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extreme inequality
The number of billionaires in the world doubled during the global crisis
If the richest three people spent $1 million every day, it would take 220 years to run out of money.
7.30pm, 29 Oct 2014
12.8k
56
Zed Nelson / Oxfam
Zed Nelson / Oxfam / Oxfam
THE RICHEST 85 people in the world added a collective $668 million a day to their wealth in the last year, the charity Oxfam has found, in a report published this evening.
The study concludes that global inequality is “spiralling out of control,” as the number of billionaires has doubled during the period of the economic crisis.
In March 2009, there were 793 billionaires throughout the world, but as of March 2014, that number had rocketed to 1645.
The study also calculated that if the world’s three richest individuals – Carlos Slim, Bill Gates, and Amancio Ortega – spent $1 million every day, it would take between 172 and 220 years for their money to run out.
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The world's two richest people: Carlos Slim (R) and Bill Gates (L) AP / Press Association Images
AP / Press Association Images / Press Association Images
Today’s report constitutes the launch of a major new Oxfam campaign called “Even It Up”, which is intended to “push world leaders to turn rhetoric into reality and ensure the poorest people get a fairer deal.”
As part of that effort, the charity is calling for governments to clamp down on tax dodging, and increase taxes on large multinational corporations and the world’s richest people.
In one startling analysis, using figures on maternal deaths and healthcare spending, Oxfam has estimated that a 1.5% tax on billionaires during the crisis “could have saved 23 million lives” worldwide.
Jim Clarken, CEO of Oxfam Ireland, also condemned the recently withdrawn Double Irish arrangement as a “toxic tax system.”
While the Double Irish was not illegal, it was certainly morally questionable and deprived this country of crucial revenue in some of our darkest days.
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Meanwhile, the fatcat bond holders were compensated fully. Didn’t happen though when ordinary working men and women were persuaded by Mary O Rourke to beg borrow or steal to buy shares in Eircom…..
You may be sure that the majority of the managers and higher level workers lost out on nothing . As usual Mulvey, an ex trade union leader, is a disgrace !
Bloody whingers they were happy when the bank was doing well.
They were happy when the bonuses were coming in.
Lucky to be getting anything should only be statutory and be glad of it.
No bank in receipt of state funds should have been allowed to offer anything beyond statutory redundancy. Maybe not a reflection on the person but the company was dead. I await with interest to see where John Moran pops up now he has allowed recapitalisation of banks.
my dad got his mortgage from anglo when it was a fella in an office.he got €4000 to build the house in dublin, and in the height the house was worth €650,000. in walkinstown. mental stuff
rare old times is right mate. even in walkintown… the house is big and had an extension with utility room and jax. it really makes ye remember how crazy it all was
Maybe I’m Missing something, but if you leave a job for a better offer, even if the company you work for is in trouble, you are not entitled to any redundancy. How is this even an issue for reporting in the media????
I have no sympathy for Anglo staff they did a crap job building a busted bank, paid themselves well and the country was left holding a bill for their collective stupidity. Just suck it up the same as contractors who never got paid or small business that went bust. I shared a lift with a stupid girl who had worked for Anglo and she could see no connection with the loss of services in society and her former company’s bad business decisions
Maybe I’m Missing something, but if you leave a job for a better offer, especially if the company you work for is in trouble, you’re not entitled to reduntancy!!!!!!
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