The combined wealth of the richest 1% will overtake that of the other 99% of people next year unless the current trend of rising inequality is checked, Oxfam warned.
In a recent research paper, Oxfam shows that:
- the richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014 and at this rate will be more than 50 percent in 2016. Members of this global elite had an average wealth of $2.7 million per adult in 2014.
- Of the remaining 52% of global wealth, almost all (46%) is owned by the rest of the richest fifth of the world’s population. The other 80% share just 5.5% and had an average wealth of $3,851 per adult – that’s 1/700th of the average wealth of the 1%
The picture presented by these numbers is simply scary and, personally, difficult to accept. So much for uneven or asymmetrical globalization!!!
Oxfam also suggested a seven-point plan to tackle this growing inequality. Will national governments and the international community find the courage to act on them? It is not a secret, in fact, that inequality and poverty can be exploited by extremist organizations to gain support and find recruits.
- Clamp down on tax dodging by corporations and rich individuals
- Invest in universal, free public services such as health and education
- Share the tax burden fairly, shifting taxation from labor and consumption toward capital and wealth
- Introduce minimum wages and move towards a living wage for all workers
- Introduce equal pay legislation and promote economic policies to give women a fair deal
- Ensure adequate safety-nets for the poorest, including a minimum income guarantee
- Agree a global goal to tackle inequality.
The entire report can be downloaded here
Follow me on Twitter @EugenioLilli