2017: a great year
to be rich
Report says just 1% of world's population took in 82% of the wealth
January 23, 2018
Chronicle news-opinion-expert economic analysis
Graphic: still image from CNBC video about Oxfam report. Photo credit: CNBC
(NATIONAL) -- If things keep going this way, the rich won't have much use for the rest of us except maybe to work for them as indentured servants or slaves.
New report published Monday by the global charity Oxfam shows:
.......Just 42 people own the same amount of wealth as the poorest 50 percent on the planet.
....... 82 percent of the money generated last year went to the richest 1 percent of the global population. The poorest half saw no increase at all.
....... Oxfam said its analysis showed the "economic rewards" on the planet were "increasingly concentrated" at the top. The charity cites tax evasion, the erosion of worker's rights, cost-cutting and "businesses' influence on policy decisions" as reasons for the widening inequality gap.
....... the wealth of billionaires bumped up by 13 percent a year on average in the decade from 2006 to 2015. Last year, billionaires would have seen a bump up to the tune of $762 billion. That amount of money is enough to end extreme poverty seven times over.
.......Nine out of ten 10 of the world's 2,043 billionaires were men.
.......an on-fire stock market is seen as the main reason for s surge in wealth last year among those who own such financial assets. Example: Seattle's Jeff Bezos, VEO of Amazon saw his wealth increase by $6 billion in the first 10 days of 2017.
Something is very haywire here
The comment from Mark Goldring, chief executive of Oxfam GB said their numbers send out a signal that "something is very wrong with the global economy."
"The concentration of extreme wealth at the top is not a sign of a thriving economy but a symptom of a system that is failing the millions of hard-working people on poverty wages who make our clothes and grow our food," he said.
The Oxfam report called, "Reward Work, Not Health," is based on data from Forbes and the annual Credit Suisse Global Wealth datebook.