{"id":16387,"date":"2015-01-19T01:32:10","date_gmt":"2015-01-19T08:32:10","guid":{"rendered":"http:\/\/amicuscuria.com\/wordpress\/?p=16387"},"modified":"2015-01-19T01:34:26","modified_gmt":"2015-01-19T08:34:26","slug":"1-holds-half-the-worlds-wealthresources","status":"publish","type":"post","link":"https:\/\/amicuscuria.com\/wordpress\/1-holds-half-the-worlds-wealthresources\/","title":{"rendered":"1% Holds Half the World’s Wealth\/Resources"},"content":{"rendered":"
\"Waste

Waste pickers look for recyclable items at a landfill on the outskirts of New Delhi, India. A report by Oxfam says not enough is being done by world leaders to tackle inequality.<\/p><\/div>\n

by Kunal Dutta<\/em><\/p>\n

The combined wealth of the world’s richest 1% will overtake that of the remaining 99% by 2016 unless action is taken to curb “shocking extremes” of inequality<\/strong>, a new report warns.<\/p>\n

The richest 1% currently own 48% of all global wealth, Oxfam says. Next year that figure is forecast to exceed 50% for the first time.<\/p>\n

Using data from Credit Suisse’s latest global wealth report, the charity warns that rising inequality is holding back the fight against global poverty at a time when more than a billion people still live on less than US$1.25 a day.<\/strong><\/p>\n

The report warns that global wealth “is becoming increasing concentrated among a small, wealthy elite”.<\/p>\n

The richest 1 per cent include US investor Warren Buffett, former New York mayor Michael Bloomberg and Indian businessman Dilip Shanghvi. Those in the “1 per cent” command an average wealth of US$2.7 million per adult.<\/p>\n

The report is released today ahead of the World Economic Forum in Davos.<\/p>\n

Oxfam will use the summit in Switzerland to call for new measures to tackle global inequality, including a clampdown on tax evasion and a living wage for all workers.<\/strong><\/p>\n

Winnie Byanyima, executive director of Oxfam International, said: “The scale of global inequality is quite simply staggering, and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast.<\/strong> Failure to tackle inequality will set the fight against poverty back decades.<\/p>\n

“The poor are hurt twice by rising inequality – they get a smaller share of the economic pie and because extreme inequality hurts growth<\/strong>, there is less pie to be shared around.”<\/p>\n

Lynn Forester de Rothschild, chief executive of E L Rothschild, said: “Extreme inequality undermines economic growth<\/strong> and it threatens the private sector’s bottom line.<\/p>\n

“All those gathering at Davos who want a stable and prosperous world should make tackling inequality a top priority.”<\/p>\n

Oxfam research shows that 20% of billionaires have interests in the financial and insurance sectors, a group which saw their cash wealth increase by 11% in the 12 months to March 2014.<\/p>\n

The charity made headlines at Davos last year with the revelation that the world’s 85 richest people were as wealthy as the poorest 50%. This year, it claims that number has shrunk to 80 as the world becomes more unequal.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

by Kunal Dutta The combined wealth of the world’s richest 1% will overtake that of the remaining 99% by 2016 unless action is taken to curb “shocking extremes” of inequality, a new report warns. The richest 1% currently own 48% … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16387","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/posts\/16387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/comments?post=16387"}],"version-history":[{"count":2,"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/posts\/16387\/revisions"}],"predecessor-version":[{"id":16389,"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/posts\/16387\/revisions\/16389"}],"wp:attachment":[{"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/media?parent=16387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/categories?post=16387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amicuscuria.com\/wordpress\/wp-json\/wp\/v2\/tags?post=16387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}