NewburyportNews.com, Newburyport, MA

Community News Network

January 22, 2014

World's richest 85 people now worth same amount as poorest 3.5 billion

NEW YORK — Global capitalism, we have a problem.

We've long known that life isn't fair and that the world's wealth is unevenly distributed. But the latest factoid from Oxfam on global poverty and inequality is breathtaking. In a new report, the nonprofit reports that just 85 people - the richest of the world's rich - hold as much wealth as the poorest 3.5 billion. That's half the world's population.

In other words, the top 0.00000001 percent are worth as much as the bottom 50 percent combined. The top 1 percent, meanwhile, control nearly half the world's wealth, or 65 times as much as the world's less-fortunate half.

On a country-by-country basis, the filthy rich have only been getting richer. Between 1980 and 2012, the wealthiest 1 percent increased their share of the spoils in 24 of the 26 countries Oxfam surveyed. This includes the United States, where the wealthiest 1 percent have captured 95 percent of all economic growth since the financial crisis of 2009, while the bottom 90 percent have gotten poorer.

Oxfam's concern is not just that half the world's population could be bought and sold by a group of individuals who could fit in a single large boardroom. It's that this staggering disparity creates a vicious cycle. From the nonprofit's report:

              

Oxfam is concerned that, left unchecked, the effects are potentially immutable, and will lead to "opportunity capture" - in which the lowest tax rates, the best education, and the best healthcare are claimed by the children of the rich. This creates dynamic and mutually reinforcing cycles of advantage that are transmitted across generations.

       

Good luck, you half of the world's people who hold less than 1 percent of its wealth. May the odds be ever in your favor!

               



 

1
Text Only | Photo Reprints
Community News Network

Offbeat
NDN Video
Jabari Parker's Top 5 Plays From Duke Career Kourtney Kardashian Is a Bikini Babe More Manpower Than Ever Expected At 4/20 Rally Debunk'd: Miley Cyrus AIDS, Cheeseburgers Cause Cancer, Military Warning Bill Previewing the NBA playoffs Raw: Orthodox Christians Observe Easter Rite My name is Cocaine Raw: Space X Launches to Space Station Lohan Gets Candid About Her Sex List The 2014 New York Auto Show Meet Johnny Manziel's New Girlfriend Chelsea Clinton Announces Pregnancy Funny: Celebrating Easter with Martha Stewart and Friends Man Accuses 'X-Men' Director Bryan Singer of Sexually Abusing Him As a Teenager Man hit with $525 federal fine after he doesn't pay for soda refill Lea Michele & Naya Rivera Feuding? Jabari Parker declares for the NBA draft Singing Nun Belts Out Cyndi Lauper New West, Texas Explosion Video Swim Daily, Throwback Thursday
Special Features
NRA Waterfront Plans