Oxfam: richest one percent made 82% of new wealth in 2017

The Indian billionaires' wealth increased to over Rs 20.7 lakh crore - increasing during a year ago by Rs 4.89 lakh crore, an amount sufficient to finance 85 per cent of the all states' budget on health and education.

More than 80 per cent of the all the wealth generated globally a year ago flowed into the coffers of the richest one per cent of the population, a new Oxfam report has revealed.

An global report launched by Oxfam today reveals that workers across the world continue to receive low wages despite working hard while their bosses net millions in salaries proving the old age that 'the rich get richer and the poor get poorer'.

"Demonising capitalism may be fashionable in the affluent Western world but it ignores the millions of people who have risen out of poverty as a result of free markets".

It said 51 billionaires out of the total 101 were aged 65 or above. "A ideal storm is driving up the bargaining power of those at the top while driving down the bargaining power of those at the bottom". Nine out of 10 are men and in South Africa, the rich and poor are also worlds apart.

A survey reports the gap between the rich and poor in India widens with its richest 1% bagging 73% of the country's wealth.

Mark Goldring, chief executive of Oxfam GB, said: "Something is very wrong with a global economy that allows the one per cent to enjoy the lion's share of increases in wealth while the poorest half of humanity miss out". As recently as 2009, the figure was 380.

To fight rising inequality, Oxfam called on governments to limit the returns of shareholders and top executives, close the gender pay gap, crackdown on tax avoidance and increase spending on healthcare and education.

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A record surge in the number of billionaires globally a year ago, when one was created every two days, has fuelled an "inequality crisis", according to Oxfam in a report published ahead of the World Economic Forum conference in the Swiss ski resort of Davos this week.

"Inequality is reaching such extreme levels that it might actually be bad for really wealthy people because it's slowing down economic growth and leading to political disruption", said David Hulme, an expert global development at the University of Manchester.

The remaining six Irish billionaires, according to the most recent Forbes' billionaires list (published in March 2017) are Pallonji Mistry (Construction), John Grayken (Finance), Denis O'Brien (Communications), John Dorrance (Campbell's Soup heir), Dermot Desmond (Finance) and Martin Naughton (Manufacturing).

To coincide with the summit, campaigners in Belfast city centre set up a mini restaurant - with unequal servings - to show the gap between rich and poor.

In fact, from 1990 to 2010, the number of people living in extreme poverty - defined as on less than $1.90 a day - was cut in half, and has continued to decline, Oxfam said.

Exclusively on the STV News website, you can find out where you rank among the highest and lowest earners in Scotland using Oxfam's Income Inequality Calculator.

"Women provide $10 trillion in unpaid care annually to support the global economy", the report says.

(Copyright © 2015. All Rights Reserved.)
 
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