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

World’s richest 1% took home 82% of wealth last year

The World’s richest one per cent took home 82 per cent of the wealth last year, according to shocking new figures released by Oxfam. According to the findings the level of inequality veered once again in favour of the rich, with the vast majority of newly generated money going to the wealthiest one per cent. Data […]

Jack Peat by Jack Peat
2018-01-22 10:07
in Economics, News

FacebookTwitterLinkedinEmailWhatsapp

The World’s richest one per cent took home 82 per cent of the wealth last year, according to shocking new figures released by Oxfam.

According to the findings the level of inequality veered once again in favour of the rich, with the vast majority of newly generated money going to the wealthiest one per cent.

Data shows that of the £7.3 trillion generated between July 2016 and June 2017, around £6 trillion (82 per cent) went to 75 million people, while 3.7 billion saw no increase.

This led to the highest numbers of billionaires ever recorded around the world – 2,043 – with one created every two days.

Mark Goldring, chief executive of Oxfam GB, said the statistics signal that “something is very wrong with the global economy.

“The concentration of extreme wealth at the top is not a sign of a thriving economy but a symptom of a system that is failing the millions of hard-working people on poverty wages who make our clothes and grow our food.”

He said a living wage, “decent conditions” and equality for women were essential if work was to be a “genuine route out of poverty”.

“If that means less for the already wealthy then that is a price that we – and they – should be willing to pay.”

However, Mark Littlewood, director of the free market Institute of Economic Affairs think tank, said Oxfam was “peddling a gross misrepresentation of world poverty”.

RelatedPosts

Tory donor who handed party £5m rakes in £800k a week in NHS contracts

ITV reporter Sally Williams presents weather on London Eye after accepting Tom Cruise challenge

Boris Johnson blasts Sunak for ‘lack of ambition’ on net zero

Former London mayor Ken Livingstone ‘living with Alzheimer’s disease’

He said: “Demonising capitalism may be fashionable in the affluent Western world but it ignores the millions of people who have risen out of poverty as a result of free markets.

“We know from the life cycle of asset and debt accumulation that people do not tend to build up wealth until well into their working lives.

“Furthermore, many of the oldest people will live in the very rich countries, and are usually very asset-rich. It’s unsurprising that the global net wealth distribution is so skewed – demographics alone are vastly important.”

RELATED 

https://www.thelondoneconomic.com/news/brexit-will-increase-inequality-london-rest-uk/11/01/

https://www.thelondoneconomic.com/news/graph-says-scale-inequality-britain/01/11/

Tags: headline
Previous Post

How to Make: Mac & Wild’s Haggis Pops

Next Post

Pop Punk Pile Up Reveals 2018 festival line-up

Please login to join discussion

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.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

More from TLE

Roaming Wild: The Founding of Compassion in World Farming

Cleverly defends Tory mayor candidate following racism allegations

Westminster falls behind as Wales boosts democratic equality

Sympathy in short supply as Farage has a wobble over debanking

Car industry ‘utterly furious’ with the government – sources

Tory donor who handed party £5m rakes in £800k a week in NHS contracts

Mark Carney obliterates Brexit and Liz Truss at world leader event

Russell Brand accused of rape, sexual assaults and emotional abuse

Thunderstorm pictures following a wet and wild night in London

‘Reckless’ plans to defund BTecs could put future of thousands of students at risk

JOBS

FIND MORE JOBS

About Us

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

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© 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
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

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




-->