Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

shutterstock

World's wealthiest 85 people own same amount as half the global population

A report by Oxfam finds that Europe’s 10 richest people exceeds the total cost of stimulus measures implemented across the EU between 2008 and 2010.

A NEW REPORT by Oxfam has found that a tiny elite owns the wealth of half of the world’s population.

The report, entitled “Working for the few” shows that 85 of the world’s richest people own the same amount of wealth as half the world’s population.

The report was released ahead of this week’s World Economic Forum in Davos, Switzerland, to highlight that economic inequality is rapidly increasing in most countries and is now a threat to democracy, states Oxfam.

Europe

The reports finds that the combined wealth of Europe’s 10 richest people exceeds the total cost of stimulus measures implemented across the European Union between 2008 and 2010 and that 400 of the richest Americans have more wealth than the 150 million citizens who comprise the poorest half of the population.

CEO Jim Clarken of Oxfam Ireland said that global wealth and power is becoming increasingly concentrated in a small number of people, adding that “we are increasingly living in a world where the lowest tax rates, the best health and education and the opportunity to influence are being given not just to the rich but also their children”.

In too many countries economic growth already amounts to little more than a ‘winner takes all’ windfall for the richest,” he said.

Pledge

Clarken called on global leaders in Davos to pledge to tackle inequality and to stimulate growth and economic progress for the many, not just the elite few.

“The Irish government can tackle inequality by cracking down on financial secrecy and tax dodging, investing in universal education and healthcare, and agreeing a global goal to end extreme inequality as part of the post-2015 negotiations on a new development framework,” Clarken said.

Column: It’s fanciful to think a wealth tax would make the rich leave Ireland>

Read: Dublin ranks 4th in UN report on prosperity of global cities>

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Author
Christina Finn
View 190 comments
Close
190 Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.
    JournalTv
    News in 60 seconds