{"id":10416,"date":"2017-01-17T15:13:35","date_gmt":"2017-01-17T14:13:35","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=10416"},"modified":"2017-01-17T15:13:35","modified_gmt":"2017-01-17T14:13:35","slug":"eight-men-have-same-wealth-as-worlds-poorest-3-6-billion-oxfam","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/eight-men-have-same-wealth-as-worlds-poorest-3-6-billion-oxfam\/","title":{"rendered":"Eight men have same wealth as world\u2019s poorest 3.6 billion \u2013 Oxfam"},"content":{"rendered":"

Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.<\/p>\n

Oxfam\u2019s report, \u2018An economy for the 99 percent\u2019, shows that the gap between rich and poor is far greater than had been feared. It details how big business and the super-rich are fuelling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics. It calls for a fundamental change in the way we manage our economies so that they work for all people, and not just a fortunate few.<\/p>\n

New and better data on the distribution of global wealth \u2013 particularly in India and China \u2013 indicates that the poorest half of the world has less wealth than had been previously thought. \u00a0Had this new data been available last year, it would have shown that nine billionaires owned the same wealth as the poorest half of the planet, and not 62, as Oxfam calculated at the time.<\/p>\n

Winnie Byanyima, Executive Director of Oxfam International, said:\u00a0\u201cIt is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day. \u00a0Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.<\/p>\n

\u201cAcross the world, people are being left behind. Their wages are stagnating yet corporate bosses take home million dollar bonuses; their health and education services are cut while corporations and the super-rich dodge their taxes; their voices are ignored as governments sing to the tune of big business and a wealthy elite.\u201d<\/p>\n

Oxfam\u2019s report shows how our broken economies are funnelling wealth to a rich elite at the expense of the poorest in society, the majority of whom are women. The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years.\u00a0 To put this figure in perspective \u2013 you would need to spend $1 million every day for 2738 years to spend $1 trillion.<\/p>\n

Public anger with inequality is already creating political shockwaves across the globe. Inequality has been cited as a significant factor in the election of Donald Trump in the US, the election of President Duterte in the Philippines, and Brexit in the UK.<\/p>\n

Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years. \u00a0Between 1988 and 2011 the incomes of the poorest 10 percent increased by just $65 per person, while the incomes of the richest 1 percent grew by $11,800 per person \u2013 182 times as much.<\/p>\n

Women, who are often employed in low pay sectors, face high levels of discrimination in the work place, and who take on a disproportionate amount of unpaid care work often find themselves at the bottom of the pile.\u00a0 On current trends it will take 170 years for women to be paid the same as men.<\/p>\n

\u2018An Economy for the 99 percent\u2019 also reveals how big business and the super-rich are fuelling the inequality crisis. \u00a0It shows how, in order to maximize returns to their wealthy shareholders, big corporations are dodging taxes, driving down wages for their workers and the prices paid to producers, and investing less in their business.<\/p>\n

Oxfam interviewed women working in a garment factory in Vietnam who work 12 hours a day, 6 days a week and still struggle to get by on the $1 an hour they earn producing clothes for some of the world\u2019s biggest fashion brands. The CEOs of these companies are some of the highest paid people in the world.\u00a0\u00a0 Corporate tax dodging costs poor countries at least $100 billion every year. This is enough money to provide an education for the 124 million children who aren\u2019t in school and fund healthcare interventions that could prevent the deaths of at least six million children every year.<\/p>

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The report outlines how the super-rich use a network of tax havens to avoid paying their fair share of tax and an army of wealth managers to secure returns on their investments that would not be available to ordinary savers. \u00a0Contrary to popular belief, many of the super-rich are not \u2018self-made\u2019. Oxfam analysis shows over half the world\u2019s billionaires either inherited their wealth or accumulated it through industries which are prone to corruption and cronyism.<\/p>\n

It also demonstrates how big business and the super-rich use their money and connections to ensure government policy works for them. For example, billionaires in Brazil have sought to influence elections and successfully lobbied for a reduction in tax bills while oil corporations in Nigeria have managed to secure generous tax breaks.<\/p>\n

Byanyima said:\u00a0\u201cThe millions of people who have been left behind by our broken economies need solutions, not scapegoats. That is why Oxfam is setting out a new common sense approach to managing our economies so that they work for the majority and not just the fortunate few.\u201d<\/p>\n

\u201cGovernments are not helpless in the face of technological change and market forces. \u00a0If politicians stop obsessing with GDP, and focus on delivering for all their citizens and not just a wealthy few, a better future is possible for everyone.\u201d<\/p>\n

Oxfam\u2019s blueprint for a more human economy includes:\u00a0Governments end the extreme concentration of wealth to end poverty.\u00a0Governments should increase taxes on both wealth and high incomes to ensure a more level playing field, and to generate funds needed to invest in healthcare, education and job creation.<\/p>\n

Governments cooperate rather than just compete. Governments should work together to ensure workers are paid a decent wage, and to put a stop to tax dodging and the race to the bottom on corporate tax.<\/p>\n

Governments support companies that benefit their workers and society rather than just their shareholders. The multi-billion Euro company Mondragon, is owned by its 74,000 strong workforce. \u00a0All employees receive a decent wage because its pay structure ensures that the highest paid member of staff earns no more than 9 times the amount of the lowest paid.<\/p>\n

Governments ensure economies work for women. They must help to dismantle the barriers to women\u2019s economic progress such as access to education and the unfair burden of unpaid care work.<\/p>\n

Oxfam is also\u00a0calling on business leaders to play their part in building a human economy. The World Economic Forum has responsive and responsible leadership as its key theme this year.\u00a0 They can make a start by committing to pay their fair share of tax\u00a0and by ensuring their businesses pay a living wage.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos. Oxfam\u2019s report, \u2018An economy for the 99 percent\u2019, shows that the gap between rich and …<\/p>\n","protected":false},"author":11,"featured_media":10417,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1482],"coauthors":[2392,2393],"class_list":["post-10416","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-riches"],"yoast_head":"\nEight men have same wealth as world\u2019s poorest 3.6 billion \u2013 Oxfam - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/eight-men-have-same-wealth-as-worlds-poorest-3-6-billion-oxfam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eight men have same wealth as world\u2019s poorest 3.6 billion \u2013 Oxfam - National Wire\" \/>\n<meta property=\"og:description\" content=\"Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos. 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