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.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
IRELAND’S TWO RICHEST billionaires now have more combined wealth that the bottom half of the country’s population, a new report from Oxfam has found.
Oxfam’s annual Inequality Report, which derives its calculations from the Forbes rich list, found that the richest 1% of people in Ireland hold 35.4% of the country’s financial wealth.
Oxfam Ireland has called on the Government to introduce an “extreme wealth tax”, which it says could generate up to €9.2 billion a year.
Bríd McGrath from Oxfam Ireland said that now is the time for states to reassert themselves, “including the Irish state”.
“We are calling on the Government to properly tax wealth and close the loopholes for tax avoidance,” she said.
McGrath said that she does not believes that “one cent” of taxpayers money should go to corporations “who abuse their dominant position, don’t pay their workers a living wage, who refuse to reduce carbon emissions”.
“Those companies should be outside the fold when it comes to grant aid, tax breaks and any other reliefs at budget time,”she added.
Oxfam Ireland is also calling on the Government to be a “voice” for the Global South, by supporting UN work to clear targets on wealth inequality reduction, and by supporting a proposal the American economist Joseph Stiglitz that every nation should aim for a situation where the bottom 40% of the population have roughly the same income as the richest 10%, which is known as the Palma of 1.
The report predicted that if the current trajectory of wealth inequality continues in the world, we will have the first trillionaire within a decade, and poverty “won’t be eradicated for another 229 years”.
Oxfam found that the world’s five richest men have seen their fortunes more than double since 2020, which over the same time period five billion people have become poorer.
Oxfam published its report today, to coincide with the gathering of billionaires in the Swiss resort of Davos for a summit.
The report stipulates that the top five billionaires in the world have seen their wealth shoot up from $405 billion to $869 billion since 2020.
The Oxfam International Interim Executive Director Amitabh Behar said that we are witnessing “the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of the pandemic, inflation and war, while billionaires’ fortunes boom”.
Behar said that this inequality is “no accident”.
“The billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,” he said.
The full Oxfam Inequality report is available to read here.
To embed this post, copy the code below on your site
http://en.wikipedia.org/wiki/List_of_sovereign_states_by_current_account_balance
If you look at the list on that Wiki page (a few years old, but still) you can see that few countries have surpluses without having major amounts of natural resources. In fact, there are only three countries in the top 15 that don’t have huge amounts of oil and gas: China, Germany and Ireland.
We have always boxed above our weight.
Excellent! let’s build on this achievement
Just waiting for somebody to comment on this story now and say that’s it’s all spin and lies and that we shouldn’t believe it ….
I stopped even replying to those posting everything is negative comments,it just gets so boring.
This is all spin and lies….not to be believed
Yay! I wasn’t waiting too long.
Who knew pot pourri could be worth so much ?
Does this take into consideration the amount of our people that have fled the country; the long term effects of the famine or the aftermath of the flight of the earls in 1607. This government is trying to brush these events under the carpet with more spin.
Trying to brush stuff under the carpet with more spin has only one solution…a Dyson
Excellent.
Nice to see some good news among all the corruption and crime for a change.
Don’t forget theEamonn O Loghlin Immigration Centre in Toronto where they help 50 or so youngsters who have to leave this country for work every day.There is a lot of spin going on, however it is good to hear good news.
Toronto is a long way to go to work each day, although the traffic on the way home is not as bad as in the morning.
The jet stream really helps with the commute.
Use precise geolocation data. Actively scan device characteristics for identification. Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then these services may not function properly.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not be able to monitor our performance.
Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.
Advertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).
Information about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.
Advertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.
Information about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.
Content presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.
Information regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.
Information regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.
Reports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).
Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.
Content presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).
With your acceptance, your precise location (within a radius of less than 500 metres) may be used in support of the purposes explained in this notice.
With your acceptance, certain characteristics specific to your device might be requested and used to distinguish it from other devices (such as the installed fonts or plugins, the resolution of your screen) in support of the purposes explained in this notice.
Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.
Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.
Information about your activity on this service may be matched and combined with other information relating to you and originating from various sources (for instance your activity on a separate online service, your use of a loyalty card in-store, or your answers to a survey), in support of the purposes explained in this notice.
In support of the purposes explained in this notice, your device might be considered as likely linked to other devices that belong to you or your household (for instance because you are logged in to the same service on both your phone and your computer, or because you may use the same Internet connection on both devices).
Your device might be distinguished from other devices based on information it automatically sends when accessing the Internet (for instance, the IP address of your Internet connection or the type of browser you are using) in support of the purposes exposed in this notice.
The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.
have your say