Oxfam Study: Eight Men Own Half The World’s Wealth
By MEHER ONISA : 16-Jan-2017
Oxfam an anti-poverty and international confederation of charitable organizations has its eyes fixed on the subject of alleviating global poverty. The report mentioned about the eight men owning same wealth as the poorest half of world's population.
Winnie Byanyima, executive director of Oxfam International said “It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day, inequality is engulfing hundreds of millions in poverty; fracturing the global societies and undermining the democracies.”
THE ELITE EIGHT ON THE EARTH:
Bill Gates - $US75 billion
Amancio Ortega - $US67 billion
Warren Buffett - $US60.8 billion
Carlos Slim Helu - $US50 billion
Jeff Bezos - $US45.2 billion
Mark Zuckerberg - $US44.6 billion
Larry Ellison - $US43.6 billion
Michael Bloomberg - $US40 billion
OBJECTIVES OF THE OXFAM REPORT TITLED ‘AN ECONOMY FOR 99 PERCENT’:
The title of the report sketches that just eight of the men owns the same wealth as half of the world. The growth benefits the richest and the poorest remains in unending sufferings. The world economy must stop rewarding those who are at the helm and start working for people at all the levels.
The human economy must focus on the interests of workers, producers, environment, women’s rights and fair taxation system.
The visionary governments must construct a human economy that benefits millions of under privileged along with the privileged few.
The exploratory report found that in between 1988 and 2011, incomes of the poorest 10% of people increased by less than $3 a year while the incomes of the richest 1% increased 182 times.
OXFAM’S STEPS FOR REDUCING INEQUALITY:
To impose higher property taxes on wealth and professional taxes on income of the riches
The governments to fund their investments in public services and jobs
The business leaders to commit to pay a fair share of taxes and living wage to staff
Max Lawson, the policy adviser of Oxfam urges billionaires to obey the guidelines of Bill Gates to pay their taxes on time and curb the bad habit of paying lesser taxes.
The papers were leaked to expose data about the offshore accounts that hid colossal wealth of the individuals who avoided paying taxes.
The survey conveys about the credibility of the CEO remained at an all-time low while the government leaders are the least trusted group.
Edelman highlighted about the emergence of a media echo chamber that has become cycle of distrust.
The survey reveals that the search engines are most trusted tools and source of information when compared to the traditional news editors.
The commoners believe media to be a part and parcel of the elite as it gives rise to the pseudo news phenomenon.