Greenpeace and Oxfam: inequality is rising
Researchers say anger is building over global inequality as people feel the economy has been rigged against them. It’s a similar message to a report published by Oxfam revealing the vast amount of wealth generated last year was bagged by the richest one percent of the global population.
The annual report coincided with the World Economic Forum and Oxfam lays the blame for extreme global inequality at the hands of big leading businesses and politicians.
It takes just four days for a CEO from a top global fashion brand to earn what a garment worker from a poorer nation will make in a lifetime. Unless the gap is closed between the rich and the poor the goal of eliminating extreme poverty will be missed. Almost half a billion people will still be living on less than 1-dollar-and-90-cents a day in 2030. One of those will be Lan, a garment worker in Vietnam.
How many times have you heard that billionaires are the result of hard work and talent? As it turns out Oxfam has calculated some two-thirds of billionaire wealth is the product of inheritance or monopoly. Last year saw their wealth increase by a massive 762 billion US dollar. This could could have ended global extreme poverty not once, not twice but seven times over. Oxfam says the fortunes of the rich are often boosted by tax dodging, as revealed in the Panama and Paradise Papers.
“Developing countries lose 100 billion dollars every year through tax dodging that is routed through tax havens. That is money that should be paying for education of children, health, young people's jobs. But it is all stashed away in tax havens, untaxed”
Oxfam
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