New Oxfam report skewers the wealthy global elite just in time for the World Economic Forum in Davos

Friday, January 24, 2014

Nicely timed with this year's meeting of the World Economic Forum kicks off in posh Davos, Switzerland, Oxfam has released a new report titled "Working for the Few," which explains that not only do the wealthiest 85 people in the world own as much wealth as the poorest half, but that said wealthy elite have driven growing inequality through power grabs.
The extent to which so much global wealth has become corralled by a virtual handful of the so-called 'global elite' is exposed in a new report from Oxfam on Monday. It warned that those richest 85 people across the globe share a combined wealth of £1tn, as much as the poorest 3.5 billion of the world's population.

The wealth of the 1% richest people in the world amounts to $110tn (£60.88tn), or 65 times as much as the poorest half of the world, added the development charity, which fears this concentration of economic resources is threatening political stability and driving up social tensions.

It's a chilling reminder of the depths of wealth inequality as political leaders and top business people head to the snowy peaks of Davos for this week's World Economic Forum.


Oxfam also argues that this is no accident either, saying growing inequality has been driven by a "power grab" by wealthy elites, who have co-opted the political process to rig the rules of the economic system in their favour.

In the report, entitled Working For The Few (summary here ), Oxfam warned that the fight against poverty cannot be won until wealth inequality has been tackled.
I imagine it won't exactly be fun times at the meeting when Oxfam's executive director, who will also be at the meeting, beats the guilty elite with the guilty stick while they are rubbing elbows and doing whatever they do to be important.
Oxfam called on attendees at this week's World Economic Forum to take a personal pledge to tackle the problem by refraining from dodging taxes or using their wealth to seek political favours.

As well as being morally dubious, economic inequality can also exacerbate other social problems such as gender inequality, Oxfam warned. Davos itself is also struggling in this area, with the number of female delegates actually dropping from 17% in 2013 to 15% this year.

No comments :

Post a Comment