• Thursday, Sep 23, 2021
  • Last Update : 09:32 am

Oxfam: World's 26 richest own same as poorest half of humanity

  • Published at 06:03 pm January 21st, 2019
Slums
Aerial view poor district of Manila slums, ghettos, wooden old houses, shacks. Slum area of Manila, Philippines. Manila suburb, view from the plane Bigstock

The 3.8 billion people at the bottom of the scale meanwhile saw their wealth decline by 11% last year

The world's 26 richest people own the same wealth as the poorest half of humanity, Oxfam said Monday, urging governments to hike taxes on the wealthy to fight soaring inequality.

A new report from the charity, published ahead of the World Economic Forum in Davos, also found that billionaires around the world saw their combined fortunes grow by $2.5 billion each day in 2018.

The world's richest man, Amazon CEO Jeff Bezos, saw his fortune increase to $112 billion last year, Oxfam said, pointing out that just 1% of his wealth was the equivalent to the entire health budget of Ethiopia, a country of 105 million people.

The 3.8 billion people at the bottom of the scale meanwhile saw their wealth decline by 11% last year, Oxfam said, stressing that the growing gap between rich and poor was undermining the fight against poverty, damaging economies and fuelling public anger.

"People across the globe are angry and frustrated," warned Oxfam executive director Winnie Byanyima in a statement.

The numbers are stark: Between 1980 and 2016, the pooresthalf of humanity pocketed just 12 cents on each dollar of global income growth, compared with the 27 cents captured by the top 1%, the report found.

Under-taxing the rich

Oxfam warned that governments were exacerbating inequality by increasingly underfunding public services like healthcare and education at the same time as they consistently under-tax the wealthy.

Calls for hiking rates on the wealthy have multiplied amid growing popular outrage in a number of countries over swelling inequality.

In the United States, new congresswoman Alexandria Ocasio-Cortez made headlines earlier this month by proposing to tax the ultra-rich up to 70%.

The self-described Democratic Socialist's proposal came after President Donald Trump's sweeping tax reforms cut the top rate last year from 39.6% to 37%.

And in Europe, the "yellow vest" movement that has been rocking France with anti-government protests since November is demanding that President Emmanuel Macron repeal controversial cuts to wealth taxes on high earners.

"The super-rich and corporations are paying lower rates of tax than they have in decades," the Oxfam report said, pointing out that "the human costs - children without teachers, clinics without medicines - are huge."

"Piecemeal private services punish poor people and privilege elites," it said, stressing that every day, some 10,000 people die due to lacking access to affordable healthcare.

The report, released as the world's rich, famous and influential began arriving for the plush annual gathering at the luxury Swiss ski resort town, urged governments to "stop the race to the bottom" in taxing rich individuals and big corporations.

Oxfam found that asking the richest to pay just 0.5% extra tax on their wealth "could raise more money than it would cost to educate all 262 million children out of school and provide healthcare that would save the lives of 3.3 million people."


51
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail