"Multinational companies and wealthy elites are playing by different rules to everyone else."

62 people own half of the world's wealth


Tue, Jan 19th, 2016 11:00 by capnasty NEWS

According to the latest Oxfam report, 62 people own half of the world's wealth, while "the wealth of the poorest 3.6 billion people plunged by 41 per cent." The report blames a broken economic model, tax avoidance schemes, as well as workers not being paid a living wage.

"The big winners in our global economy are those at the top. Our economic system is heavily skewed in their favour. Far from trickling down, income and wealth are instead being sucked upwards at an alarming rate," the report said.

Oxfam acknowledged that efforts to tackle inequality had seen the halving of the number of people living below the extreme poverty line between 1990 and 2010.

"Yet had inequality within countries not grown during that period, an extra 200 million people would have escaped poverty. That could have risen to 700 million had poor people benefited more than the rich from economic growth," it said.



You may also be interested in:

"Academics who study basic income said the pilot gives a chance to see how the idea plays in a changed economy."
The Sharing Economy Works Because of Desperation, Not Trust
"The average person, Hershey said, was simply too poor to keep buying its products, and so allow the company to grow."
Global Music Sales Rise for the First Time Since 1999 Thanks to Digital Sales
We No Longer Can Afford to Listen for Aliens