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The wealthiest 1% will soon own more than the rest of the world's population, according to a study by anti-poverty charity Oxfam.
The charity's research shows that the share of the world's wealth owned by the richest 1% increased from 44% in 2009 to 48% last year.
On current trends, Oxfam says it expects the wealthiest 1% to own more than 50% of the world's wealth by 2016.
The research coincides with the start of the World Economic Forum in Davos.
The annual gathering attracts top political and business leaders from around the world.
Oxfam's executive director Winnie Byanyima, who will co-chair the Davos event, said she would use the charity's high-profile role at the forum to demand urgent action to narrow the gap between rich and poor.
In a statement ahead of the gathering, Ms Byanyima said the scale of global inequality was "simply staggering".
Continue reading the main story
Global wealth
48%
owned by richest 1% in 2014
54%
owned by richest 1% by 2020
$1.9tn wealth of 80 top billionaires - equal to bottom 50% of rest of world
$600bn increase in wealth for 80 top billionaires in 4 years - or 50% rise
$750bn drop in wealth for the poorest 50% of the world in 4 years
Source: Oxfam, Credit Suisse
AFP
"It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world.
"Business as usual for the elite isn't a cost-free option - failure to tackle inequality will set the fight against poverty back decades. The poor are hurt twice by rising inequality - they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around," she added.
Figures in focus
Oxfam based its prediction on data from the annual Credit Suisse Global Wealth datebook, which gives the distribution of global wealth going back to 2000. It uses the value of an individual's financial and non-financial assets, mainly property and land, minus their debts to determine what individuals "own".
The data excludes wages or income.
The BBC's head of statistics, Anthony Reuben, said in order to be part of the wealthiest 1% of the world's population, an individual would need to be worth just over half a million pounds.
"So it is not necessarily talking about people who own yachts and ski chalets. Owning an average house in London (without a mortgage) would just about put you in the 1%. "
He also noted that Oxfam had chosen to use figures which showed the disparity between the 1% and the rest of the world in the worst light.
"From 2000 until 2009, the proportion of wealth held by the wealthiest 1% fell every year. From 2010 until 2014 it rose every year. Oxfam has taken the figures since 2010 and used them to extrapolate what will happen in the coming years. Clearly, that is the methodology that will make inequality look the most severe," he added.
Rich getting richer
Oxfam is calling on governments to adopt a seven-point plan to tackle inequality, including a clampdown on tax evasion by companies and the move towards a living wage for all workers.
Oxfam made headlines at Davos last year with the revelation that the 85 richest people on the planet have the same wealth as the poorest 50% (3.5 billion people).
It said that that comparison had now become even more stark, with the 80 richest people having the same wealth as the poorest 50%.
line
Analysis: Robert Peston, BBC Economics editor
To be clear, Oxfam's claim today that by 2016 the richest 1% could own as much or the same as the bottom 99% is not wildly implausible.
There are all sorts of reasons why such increases in inequality are troubling, and not just for those at the bottom of the income and wealth pyramid.
One is that aspirational people on lower incomes have massive incentives to take on too-great debts to support their living standards - which exacerbates the propensity of the economy to swing from boom to financial-crisis bust.
Another is that the poor in aggregate spend more than the rich (there are only so many motor cars and yachts a billionaire can own, so much of the super-rich's wealth sits idle. as it were), and therefore growth tends to be faster when income is more evenly distributed.
Robert Peston: Why extreme inequality hurts the rich
line
The charity said the research, published on Monday, showed that 52% of global wealth not owned by the richest 1% is owned by those in the richest 20%.
The remaining population accounts for just 5.5% of global wealth, and their average wealth was $3,851 (£2,544) per adult in 2014, Oxfam found.
That compares with an average wealth of $2.7m per adult for the elite 1%.
The study comes just a day before US President Barack Obama's State of the Union address, in which he is expected to call for tax increases on the wealthy to help the middle class.
In October, a report from banking giant Credit Suisse also said that the richest 1% of people own nearly half of the world's wealth.
This message was edited 1 time. Last update was at 2015/01/19 17:55:18
Dman137 wrote:
goobs is all you guys will ever be
By 1-irt: Still as long as Hissy keeps showing up this is one of the most entertaining threads ever.
Waiting for my shill money from Spiral Arm Studios
More focusing on an easy target instead of the actual root causes of poverty.
Self-proclaimed evil Cat-person. Dues Ex Felines
Cato Sicarius, after force feeding Captain Ventris a copy of the Codex Astartes for having the audacity to play Deathwatch, chokes to death on his own D-baggery after finding Calgar assembling his new Eldar army.
Grey Templar wrote: More focusing on an easy target instead of the actual root causes of poverty.
Do share.
Spoiler: not enough bootstraps.
Including or not including the one's who work for the government?
Proud Member of the Infidels of OIF/OEF
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DE 6700
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Grey Templar wrote: More focusing on an easy target instead of the actual root causes of poverty.
Do share.
Spoiler: not enough bootstraps.
Including or not including the one's who work for the government?
PhantomViper wrote:Pro-tip: That study isn't talking about Europeans or Americans.
Including or not including the one's who works for the governments
Proud Member of the Infidels of OIF/OEF
No longer defending the US Military or US Gov't. Just going to ""**feed into your fears**"" with Duffel Blog Did not fight my way up on top the food chain to become a Vegan...
Warning: Stupid Allergy
Once you pull the pin, Mr. Grenade is no longer your friend
DE 6700
Harlequin 2500
RIP Muhammad Ali.
Jihadin, Scorched Earth 791. Leader of the Pork Eating Crusader. Alpha
Waiting for my shill money from Spiral Arm Studios
Lack of job creation, policies which encourage job providers to ship jobs out of the country to areas with cheaper labor like India and China, policies which increase the prices of basic necessities*, a college focused primary school system which doesn't teach usable life skills and just tries to stuff kids into college instead of areas where there is actual need like trade schools, etc...
*Ethanol subsidies which jack the price of corn through the roof. Import tariffs on sugar also make corn more expensive because it encourages the use of HFC syrup. This leads to increased prices for meat or any other product which requires corn.
*Prop2 in CA will increase the price of eggs and also manage to do the opposite of the intention of giving chickens better living conditions.
Self-proclaimed evil Cat-person. Dues Ex Felines
Cato Sicarius, after force feeding Captain Ventris a copy of the Codex Astartes for having the audacity to play Deathwatch, chokes to death on his own D-baggery after finding Calgar assembling his new Eldar army.
Grey Templar wrote: Lack of job creation, policies which encourage job providers to ship jobs out of the country to areas with cheaper labor like India and China, policies which increase the prices of basic necessities*, a college focused primary school system which doesn't teach usable life skills and just tries to stuff kids into college instead of areas where there is actual need like trade schools, etc...
*Ethanol subsidies which jack the price of corn through the roof. Import tariffs on sugar also make corn more expensive because it encourages the use of HFC syrup. This leads to increased prices for meat or any other product which requires corn.
*Prop2 in CA will increase the price of eggs and also manage to do the opposite of the intention of giving chickens better living conditions.
Did you not even read PhantomViper's pro-tip? It was a pretty good pro-tip.
This message was edited 1 time. Last update was at 2015/01/19 18:23:27
Waiting for my shill money from Spiral Arm Studios
He posted before I was finished writing my post.
Self-proclaimed evil Cat-person. Dues Ex Felines
Cato Sicarius, after force feeding Captain Ventris a copy of the Codex Astartes for having the audacity to play Deathwatch, chokes to death on his own D-baggery after finding Calgar assembling his new Eldar army.
Waiting for my shill money from Spiral Arm Studios
I think my post is just fine. Sure its only pertinent to the US, but then this has been a talking issue in the US for a while.
Self-proclaimed evil Cat-person. Dues Ex Felines
Cato Sicarius, after force feeding Captain Ventris a copy of the Codex Astartes for having the audacity to play Deathwatch, chokes to death on his own D-baggery after finding Calgar assembling his new Eldar army.
Nice! I made it into the 1% for the world for my income! 0.08% to be exact! But only 2.85% for my personal wealth.
I don't know how valid those numbers are but it is a 'please give money to us! We will make sure it gets to the poor' site.
My Models: Ork Army: Waaagh 'Az-ard - Chibi Dungeon RPG Models! - My Workblog! =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
RULE OF COOL: When converting models, there is only one rule: "The better your model looks, the less people will complain about it."
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
MODELING FOR ADVANTAGE TEST: rigeld2: "Easy test - are you willing to play the model as a stock one? No? MFA."
Grey Templar wrote: I think my post is just fine. Sure its only pertinent to the US, but then this has been a talking issue in the US for a while.
3 Posts is a while? I mean that was prompted by post #3. Sounds like a need a pro-tip on the definition of "a while". Can anyone pro-tip me here? Phantom Viper maybe, it seems like a I need a pro-tip and you've a long history* of providing.
Spoiler:
* for definitions of "a long history" that include 1 post.
This message was edited 1 time. Last update was at 2015/01/19 18:37:39
Waiting for my shill money from Spiral Arm Studios
Not in this thread obviously, but at this point you're just being a stick in the mud.
Self-proclaimed evil Cat-person. Dues Ex Felines
Cato Sicarius, after force feeding Captain Ventris a copy of the Codex Astartes for having the audacity to play Deathwatch, chokes to death on his own D-baggery after finding Calgar assembling his new Eldar army.
Actually, the 1% is actually more like the 20%. Turns out that level of wealth may only be held by the 1% at any given time, but over the course of decades the people within the 1% change frequently. One person may be a multimillionaire for a few years, then drop out of the 1% and someone else takes their place. The 1%'s fortune gets spread around over the top 20% of earners, more or less.
I am the Hammer. I am the right hand of my Emperor. I am the tip of His spear, I am the gauntlet about His fist. I am the woes of daemonkind. I am the Hammer.
Hhhmmmmm wonder how many of those were Russian millionaires
Proud Member of the Infidels of OIF/OEF
No longer defending the US Military or US Gov't. Just going to ""**feed into your fears**"" with Duffel Blog Did not fight my way up on top the food chain to become a Vegan...
Warning: Stupid Allergy
Once you pull the pin, Mr. Grenade is no longer your friend
DE 6700
Harlequin 2500
RIP Muhammad Ali.
Jihadin, Scorched Earth 791. Leader of the Pork Eating Crusader. Alpha
Well...I starting to go to Thailand a lot more....two more trips this year...
Proud Member of the Infidels of OIF/OEF
No longer defending the US Military or US Gov't. Just going to ""**feed into your fears**"" with Duffel Blog Did not fight my way up on top the food chain to become a Vegan...
Warning: Stupid Allergy
Once you pull the pin, Mr. Grenade is no longer your friend
DE 6700
Harlequin 2500
RIP Muhammad Ali.
Jihadin, Scorched Earth 791. Leader of the Pork Eating Crusader. Alpha
All pretty abhorrent and sickening stuff in that article. I do not see that there is any justification for anyone to have that kind of money (swathes of which sits idle or goes into making even more money) while across the whole world, even in the UK or USA that consider themselves fair and advanced countries, there are people on or below the poverty line. It is simply disgusting, and it's something that needs to change, somehow.
Paradigm wrote: All pretty abhorrent and sickening stuff in that article. I do not see that there is any justification for anyone to have that kind of money (swathes of which sits idle or goes into making even more money) while across the whole world, even in the UK or USA that consider themselves fair and advanced countries, there are people on or below the poverty line. It is simply disgusting, and it's something that needs to change, somehow.
The only solutions is...
My Models: Ork Army: Waaagh 'Az-ard - Chibi Dungeon RPG Models! - My Workblog! =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
RULE OF COOL: When converting models, there is only one rule: "The better your model looks, the less people will complain about it."
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
MODELING FOR ADVANTAGE TEST: rigeld2: "Easy test - are you willing to play the model as a stock one? No? MFA."
Grey Templar wrote: Lack of job creation, policies which encourage job providers to ship jobs out of the country to areas with cheaper labor like India and China, policies which increase the prices of basic necessities.
How is all that stuff not connected to the 1%? For example, we heard recently about low paid amazon workers in a dispute with the company because they don't get paid for the 30 mins they have to spend every evening getting through warehouse security (amazon are very against trade-unions). All while Jeff Bezos the CEO of amazon is worth ~28 billion. A quick look at the number of amazon employees and the starting wages for a warehouse worker suggest that he could personally fund everyone who works at the company for the next 10 years. But while he is living the dream lifestyle of a billionaire, they are the ones propping him up: standing in a line for no pay.
The reason people are low paid is because people at the top funnel as much money as they can to the top. Why does anyone need 28 billion anyway? Could he not live a fantastic enough lifestyle with 1 billion? And in the process make his employees and customers 27 billion dollars less poor. People shouldn't be allowed to amass so much wealth, not while half the world is starving, it's amoral, and a system that allows it is a disgrace.
This message was edited 3 times. Last update was at 2015/01/19 20:30:28
But Smacks, I'm sure he's a good Christian. Or something.
Prestor Jon wrote: Because children don't have any legal rights until they're adults. A minor is the responsiblity of the parent and has no legal rights except through his/her legal guardian or parent.
The reason people are low paid is because people at the top funnel as much money as they can to the top. Why does anyone need 28 billion anyway? Could he not live a fantastic enough lifestyle with 1 billion? And in the process make his employees and customers 27 billion dollars less poor. People shouldn't be allowed to amass so much wealth, not while half the world is starving, it's amoral, and a system that allows it is a disgrace.
Perfectly put. Even half of that pays for a hell of a lot of people's food, housing and welfare for a good few years, and oh, some over-rich guy might have to sell off a few of his collector's cars of luxury houses. What a shame.
This message was edited 2 times. Last update was at 2015/01/19 20:46:04
Grey Templar wrote: Lack of job creation, policies which encourage job providers to ship jobs out of the country to areas with cheaper labor like India and China, policies which increase the prices of basic necessities.
How is all that stuff not connected to the 1%? For example, we heard recently about low paid amazon workers in a dispute with the company because they don't get paid for the 30 mins they have to spend every evening getting through warehouse security (amazon are very against trade-unions). All while Jeff Bezos the CEO of amazon is worth ~28 billion. A quick look at the number of amazon employees and the starting wages for a warehouse worker suggest that he could personally fund everyone who works at the company for the next 10 years. But while he is living the dream lifestyle of a billionaire, they are the ones propping him up: standing in a line for no pay.
The reason people are low paid is because people at the top funnel as much money as they can to the top. Why does anyone need 28 billion anyway? Could he not live a fantastic enough lifestyle with 1 billion? And in the process make his employees and customers 27 billion dollars less poor. People shouldn't be allowed to amass so much wealth, not while half the world is starving, it's amoral, and a system that allows it is a disgrace.
I do admit that the workers should probably get paid for the security wait to leave work.
But we should not just look at a wage gap and say its wrong. The fact there are people who are starving doesn't mean someone else making a ton of money is morally wrong.
People are starving for other reasons than money. People starve because sources of food are not equally distributed across the world. Evil warlords in Africa intercept food meant to be given to people as aid. Some areas just are not developed to where they can be self-sufficient, largely because of local economic collapse and cultural factors which prevent development.
Billionaires are not morally evil people just because someone else somewhere doesn't have their basic needs met.
Self-proclaimed evil Cat-person. Dues Ex Felines
Cato Sicarius, after force feeding Captain Ventris a copy of the Codex Astartes for having the audacity to play Deathwatch, chokes to death on his own D-baggery after finding Calgar assembling his new Eldar army.
Ya know il probably get a lot of flak for it but i have to ask. How much is too much for some one to earn? and at what point should you stop trying? why work when you only get a 10th of what you should get?
Did they not earn the money they get to spend the way they feel like it?
As well im pretty sure plenty of those rich hats also contribute back to society that doesn't just involve free handouts.