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Exerpt: "Wealth accumulated by the richest one percent will exceed that of the other 99 percent in 2016, the Oxfam charity said Monday, ahead of the annual meeting of the world's most powerful at Davos, Switzerland."

Bill Gates. (photo: AP)
Bill Gates. (photo: AP)


Richest 1% to Own Half of World’s Wealth by 2016, Says Oxfam

By Agence France-Presse

19 January 15

 

ealth accumulated by the richest one percent will exceed that of the other 99 percent in 2016, the Oxfam charity said Monday, ahead of the annual meeting of the world's most powerful at Davos, Switzerland.

"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," Oxfam executive director Winnie Byanyima said.

The richest one percent's share of global wealth increased from 44 percent in 2009 to 48 percent in 2014, the British charity said in a report, adding that it will be more that 50 percent in 2016.

The average wealth per adult in this group is $2.7 million (2.3 million euros), Oxfam said.

Of the remaining 52 percent, almost all -- 46 percent -- is owned by the rest of the richest fifth of the world's population, leaving the other 80 percent to share just 5.5 percent with an average wealth of $3,851 (3,330 euros) per adult, the report says.

Byanyima, who is to co-chair at the Davos World Economic Forum taking place Wednesday through Friday, urged leaders to take on "vested interests that stand in the way of a fairer and more prosperous world."

Oxfam called upon states to tackle tax evasion, improve public services, tax capital rather than labour, and introduce living minimum wages, among other measures, in a bid to ensure a more equitable distribution of wealth.

The 45th World Economic Forum that runs from Wednesday to Saturday will draw a record number of participants this year with more than 300 heads of state and government attending.

Rising inequality will be competing with other global crises including terrorist threats in Europe, the worst post-Cold War stand-off between Russia and the West and renewed fears of financial turmoil.

France's Francois Hollande, Germany's Angela Merkel and China's Li Keqiang will be among world leaders seeking to chart a path away from fundamentalism towards solidarity.

Italian Prime Minister Matteo Renzi and US Secretary of State John Kerry are also expected.

Beyond geopolitical crises, hot-button issues like the Ebola epidemic, the challenges posed by plunging oil prices and the future of technology will also be addressed at the posh Swiss ski resort.


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+7 # ronnewmexico 2015-01-19 16:34
And they continue to send us at each others throats for this reason or that…gays against nongays, blacks against whites, muslim against christian, woman aqainst man and on and on.

It is not that they do not deserve a portion of the wealth that is humanity…it is just they do not deserve this big a part is what this is….

We human are this thing of wealth... we define it and make it what it is and it always is…humanity itself.
So why so much them and so little us???
 
 
+6 # tapelt 2015-01-20 00:45
Because we are not joining groups like Common Cause that are trying to do something about this!
 
 
+2 # politicfix 2015-01-19 17:07
"Wealth is material and dissolves. Character is moral and has lasting effects. If it was not for character whereby man will make ever known sacrifice, even to giving up life itself for the sake of principle, human beings would be no better than the beasts of the field." Unless selfishness and greed are eliminated there can be no justice for everybody that harms nobody. This is how far away we are from achieving that.
 
 
+7 # RMDC 2015-01-19 18:18
But it is even worse than this. The 1% may only own 48% of the world's wealth but they also control almost all the rest. They decide who is to work and who is not. They move businesses they own or control anywhere in the world they want. They can increase or depress wages, stock markets, or national economies at their whim.

John D. Rockefeller was fond of saying that he only needed to "own" 20 or 25% of a company's stock in order to control all of it. That is even more true today. A few billionaires can push around most nations. They are more powerful than governments. The mere threat of disinvestment will make governments change laws and sell out citizens.

It is time to abolish the rich. The French were right in 1989 to bring in the guillotine and cut off the heads of the rich. There is no other way to stop them.
 
 
+3 # hereandnow 2015-01-20 00:47
That was 1789 :-)) And the guillotine has been out of service since 1977 when the French outlawed the Death Penalty .... but it is just a matter of changing the law again, oiling it up, resharpening it and getting it ready to go again :-))
 
 
+3 # RMDC 2015-01-20 07:07
Yes, 1789 -- thanks.
 
 
+6 # ronnewmexico 2015-01-19 19:00
It has been in the news somewhat, and the pentagon relatedly has some research in support of this..the most conlusive indicator of a pending end of empire is wealth disparity.

A shame really, as with the change are often things of violence which are all abhorant…but it simply is the case. Above certainl levels they begin to threaten the societies in which they are contexted. Worldwide I would suspect society as a whole is threatened.
 
 
+7 # jsluka 2015-01-19 23:48
Unfortunately, I believe the Pentagon interest in this is that they are preparing to suppress mass or popular movements that may arise in response to this growing inequality. See:
http://www.theguardian.com/environment/earth-insight/2014/jun/12/pentagon-mass-civil-breakdown
 
 
+2 # RLF 2015-01-20 06:38
Why do you think Obama (newly minted rich S
Harvard lawyer) passed NDAA. Allows the military to kill citizens.
 
 
+3 # Archie1954 2015-01-20 00:10
If the 1% will own more than the other 99% of the World then they can darn well pay for half the cost of keeping the World going!
 

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