• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Economics

62 People Own the Same as Half of the World

New Oxfam research has revealed runaway inequality has created a world where 62 people own as much as the poorest half of the world’s population. The report, published ahead of the annual gathering of the world’s financial and political elites in Davos, found the wealth of the poorest half of the world’s population – that’s 3.6 […]

Jack Peat by Jack Peat
2016-01-18 09:07
in Economics, News
The London Economic

Global inequality

FacebookTwitterLinkedinEmailWhatsapp

New Oxfam research has revealed runaway inequality has created a world where 62 people own as much as the poorest half of the world’s population.

The report, published ahead of the annual gathering of the world’s financial and political elites in Davos, found the wealth of the poorest half of the world’s population – that’s 3.6 billion people – has fallen by a trillion dollars since 2010.  This drop has occurred despite the global population increasing by around 400 million people during that period.

Meanwhile the wealth of the richest 62 has increased by more than half a trillion dollars to $1.76 trillion.

Globally, it is estimated that super-rich individuals have stashed a total of $7.6 trillion in offshore accounts. If tax were paid on the income that this wealth generates, an extra $190 billion would be available to governments every year.

As much as 30 percent of all African financial wealth is estimated to be held offshore, costing an estimated $14 billion in lost tax revenues every year. This is enough money to pay for healthcare for mothers and children that could save 4 million children’s lives a year and employ enough teachers to get every African child into school.

Oxfam is calling for urgent action to tackle the inequality crisis and reverse the dramatic fall in wealth of the poorest half of the world. It is urging world leaders to adopt a three-pronged approach – cracking down on tax dodging, increased investment in public services and action to boost the income of the lowest paid.  As a priority, it is calling for an end to the era of tax havens which has seen increasing use of offshore centres by rich individuals and companies to avoid paying their fair share to society. This has denied governments valuable resources needed to tackle poverty and inequality.

Mark Goldring, Oxfam GB Chief Executive, said: “It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich – so few, you could fit them all on a single coach.

RelatedPosts

Protest at Downing Street over treatment of low-paid workers after Gray report

PM broke City Hall rules as he is accused of watering down ministerial code

Campaigners battling to save 100-year-old tree from being chopped down – by guarding it day and night

Devil in detail? Windfall tax directly contradicts government’s green commitment

“World leaders’ concern about the escalating inequality crisis has so far not translated into concrete action to ensure that those at the bottom get their fair share of economic growth. In a world where one in nine people go to bed hungry every night we cannot afford to carry on giving the richest an ever bigger slice of the cake.

“We need to end the era of tax havens which has allowed rich individuals and multinational companies to avoid their responsibilities to society by hiding ever increasing amounts of money offshore.

“Tackling the veil of secrecy surrounding the UK’s network of tax havens would be a big step towards ending extreme inequality. Three years after he made his promise to make tax dodgers ‘wake up and smell the coffee’, it is time for David Cameron to deliver.”

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Police left stunned after pulling over this car

Politicians react as the government prorogues parliament

Andy McDonald quits at Labour conference with attack on Keir Starmer

Johnson plans to tear up Withdrawal Agreement, blowing up Brexit talks

Jacob Rees-Mogg investigated by the sleaze watchdog he tried to scrap

Dutch trains now run totally on wind power while ours falter due to Govt hot air

Unite has not donated to Labour since Keir Starmer was elected

Why You Failed Your New Year’s Resolutions (And How To Start Again)

Brexiter MP says end of Union would “destabilise our whole nation”

PM to face Commons grilling after ministers order Leicester lockdown

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.