Extreme wealth inequality

Extreme wealth inequality

A report issued 20th January 2020 by charity Oxfam calculated that 2153 billionaires hold more wealth than 4.6 billion people combined!

Oxfam called on governments to implement policies that may help to reduce wealth inequality.

Extreme wealth inequality

The charity urged policymakers to increase taxes on the world’s wealthiest by 0.5% over a ten year period in an attempt to reduce extreme wealth inequality.

The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum.

Too rich?

Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion. The second wealthiest person is Bernard Arnault, who owns luxury goods group LVMH and has a net worth of $116 billion. Bill Gates of Microsoft comes in third, followed by Warren Buffet in Fourth place and Mark Zuckerberg in fifth.

Incidentally, and just an observation, seven of the worlds richest people (according to Forbes) come from U.S.

Save $10,000 a day for approximately 3000 years and you still wouldn’t make the ‘grade’

Oxfam’s report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.

Oxfam report

‘Extreme wealth is a sign of a failing economic system, ‘the report said. ‘Governments must take steps to radically reduce the gap between the rich and the rest of society and prioritise the well being of all citizens over unsustainable growth and profit.’

Wealth imbalance

The imbalance of extreme wealth is nothing new, it’s been an issue for millennia – but it needn’t be an issue for our future.

Leave a Reply

Your email address will not be published. Required fields are marked *