Just 8 own same wealth as half the world

How the other half live! (Photo Courtesy Oxfam)

Aimed to coincide with the 2017 meeting of business and political leaders in Davos, Switzerland, and the inauguration of the new US President, Oxfam’s annual report produces data which shows just 8 men control the same wealth as the world’s poorest half.

The report says “the gap between rich and poor is far greater than had previously been estimated and details how big business and the super-rich are fueling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics.”

The report also raises concerns about the impact of a Trump presidency, highlighting wealth disparities in the USA. Multi-billionaire Donald Trump takes office at a time when the top 1 percent of American society control 42 percent of the country’s wealth. The Oxfam report expresses concern at proposals by Trump and some members of Congress to give large tax cuts to the wealthy; remove worker protections and punish refugees and immigrants coming to the U.S.

Focusing on the meeting at Davos, the humanitarian agency states: “Oxfam is calling 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.  They can make a start by committing to pay their fair share of tax and by ensuring their businesses pay a living wage.”

The Oxfam report ‘An economy for the 99 percent’ may be accessed here.

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