[COLOR=#1A2042 !important][FONT="][h=1]Rich Getting Richer at the Expense of the Poor, Oxfam Warns[/h]
[/FONT][/COLOR]
[h=3]The super-rich are getting even richer, shows the new World Wealth Report, with the world's poorest left behind.
[/h][FONT="]Since 2009 more than 4.5 million new millionaires have been created, rising to a total of 15.4 million across the world last year, according to new data released by Oxfam on Thursday. The significant increase in millionaires takes place while more than 702 million people live in extreme poverty, which experts argue is due to a “broken economic system.”
“For every person with more than $30 million, there are over 4800 people living in extreme poverty. This gross inequality is a symptom of an unjust and unfair economic system that allows the rich to get richer at the expense of the poor,” Jenny Ricks of the Fight Inequality Alliance said in press release Thursday.
The recent findings come from an annual study carried out by the wealth management group Capgemini, which acknowledged that it had underestimated a growing trend of “pubic outcry against rising inequality and offshore wealth secrecy.”
The issue of inequality accounted for 7 percent of global protests over a seven year period, according to a 2013 study conducted by the Initiative for Policy Dialogue at Columbia University.
In response to the growing levels of disconent, representatives from the Fight Inequality Alliance called on governments to take immediate measures to reverse cuts to public spending, privatization, tax breaks for the wealthy and other austerity measures.
“The global inequality crisis is undermining the struggle for a fairer and more sustainable world, trampling on the rights of women, workers, and the poorest families,” Ricks said in an Oxfam press release.
Income inequality, particularly the share of income received by the top one percent, has received particular attention in recent years in both developed and developing nations.
Most recently, global debates around the issue of inequality was sparked following the scandals such as the one surrounding the Panama Papers, which revealed the scale of tax avoidance by the ultra-rich.
Globally, it is estimated that a total of US$7.6 trillion of individuals’ wealth sits offshore. If tax were paid on the income that this wealth generates, an extra US$190 billion would be available to governments every year, according to Oxfam calculations. Allowing governments to collect the taxes they are owed from companies and rich individuals would be essential in helping world leaders meet their new goal, set last September, to eliminate extreme poverty by 2030, the U.K. charity group Oxfam argued.
The discussion around wealth inequality gained further exposure in 2013 when French author and economist Thomas Piketty released the critically acclaimed book, “Capital in the 21st Century,” which advocates for a globally coordinated effort to impose taxes on the wealthy.
[/FONT]
[FONT="]http://www.telesurtv.net/english/news/Rich-Getting-Richer-at-the-Expense-of-the-Poor-Oxfam-Warns-20160623-0007.html[/FONT]
[/FONT][/COLOR]
[h=3]The super-rich are getting even richer, shows the new World Wealth Report, with the world's poorest left behind.
[/h][FONT="]Since 2009 more than 4.5 million new millionaires have been created, rising to a total of 15.4 million across the world last year, according to new data released by Oxfam on Thursday. The significant increase in millionaires takes place while more than 702 million people live in extreme poverty, which experts argue is due to a “broken economic system.”
“For every person with more than $30 million, there are over 4800 people living in extreme poverty. This gross inequality is a symptom of an unjust and unfair economic system that allows the rich to get richer at the expense of the poor,” Jenny Ricks of the Fight Inequality Alliance said in press release Thursday.
The recent findings come from an annual study carried out by the wealth management group Capgemini, which acknowledged that it had underestimated a growing trend of “pubic outcry against rising inequality and offshore wealth secrecy.”
The issue of inequality accounted for 7 percent of global protests over a seven year period, according to a 2013 study conducted by the Initiative for Policy Dialogue at Columbia University.
In response to the growing levels of disconent, representatives from the Fight Inequality Alliance called on governments to take immediate measures to reverse cuts to public spending, privatization, tax breaks for the wealthy and other austerity measures.
“The global inequality crisis is undermining the struggle for a fairer and more sustainable world, trampling on the rights of women, workers, and the poorest families,” Ricks said in an Oxfam press release.
Income inequality, particularly the share of income received by the top one percent, has received particular attention in recent years in both developed and developing nations.
Most recently, global debates around the issue of inequality was sparked following the scandals such as the one surrounding the Panama Papers, which revealed the scale of tax avoidance by the ultra-rich.
Globally, it is estimated that a total of US$7.6 trillion of individuals’ wealth sits offshore. If tax were paid on the income that this wealth generates, an extra US$190 billion would be available to governments every year, according to Oxfam calculations. Allowing governments to collect the taxes they are owed from companies and rich individuals would be essential in helping world leaders meet their new goal, set last September, to eliminate extreme poverty by 2030, the U.K. charity group Oxfam argued.
The discussion around wealth inequality gained further exposure in 2013 when French author and economist Thomas Piketty released the critically acclaimed book, “Capital in the 21st Century,” which advocates for a globally coordinated effort to impose taxes on the wealthy.
[/FONT]
[FONT="]http://www.telesurtv.net/english/news/Rich-Getting-Richer-at-the-Expense-of-the-Poor-Oxfam-Warns-20160623-0007.html[/FONT]
