McAlester News-Capital, McAlester, OK

Community News Network

January 22, 2014

World's richest 85 people now worth same amount as poorest 3.5 billion

NEW YORK — Global capitalism, we have a problem.

We've long known that life isn't fair and that the world's wealth is unevenly distributed. But the latest factoid from Oxfam on global poverty and inequality is breathtaking. In a new report, the nonprofit reports that just 85 people - the richest of the world's rich - hold as much wealth as the poorest 3.5 billion. That's half the world's population.

In other words, the top 0.00000001 percent are worth as much as the bottom 50 percent combined. The top 1 percent, meanwhile, control nearly half the world's wealth, or 65 times as much as the world's less-fortunate half.

On a country-by-country basis, the filthy rich have only been getting richer. Between 1980 and 2012, the wealthiest 1 percent increased their share of the spoils in 24 of the 26 countries Oxfam surveyed. This includes the United States, where the wealthiest 1 percent have captured 95 percent of all economic growth since the financial crisis of 2009, while the bottom 90 percent have gotten poorer.

Oxfam's concern is not just that half the world's population could be bought and sold by a group of individuals who could fit in a single large boardroom. It's that this staggering disparity creates a vicious cycle. From the nonprofit's report:

              

Oxfam is concerned that, left unchecked, the effects are potentially immutable, and will lead to "opportunity capture" - in which the lowest tax rates, the best education, and the best healthcare are claimed by the children of the rich. This creates dynamic and mutually reinforcing cycles of advantage that are transmitted across generations.

       

Good luck, you half of the world's people who hold less than 1 percent of its wealth. May the odds be ever in your favor!

               



 

1
Text Only | Photo Reprints
Community News Network
Seasonal Content
AP Video
Traditional African Dishes Teach Healthy Eating The Carbon Trap: US Exports Global Warming 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp
NDN Video
Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.