World’s 100 richest earned enough in 2012 to end global poverty 4 times over

[key2thecup]

World’s 100 richest earned enough in 2012 to end global poverty 4 times over

The world's 100 richest people earned a stunning total of $240 billion in 2012 – enough money to end extreme poverty worldwide four times over, Oxfam has revealed, adding that the global economic crisis is further enriching the super-rich.

“The richest 1 percent has increased its income by 60 percent in the last 20 years with the financial crisis accelerating rather than slowing the process,” while the income of the top 0.01 percent has seen even greater growth, a new Oxfam report said.

For example, the luxury goods market has seen double-digit growth every year since the crisis hit, the report stated. And while the world's 100 richest people earned $240 billion last year, people in "extreme poverty" lived on less than $1.25 a day.

Oxfam is a leading international philanthropy organization. Its new report, ‘The Cost of Inequality: How Wealth and Income Extremes Hurt us All,’ argues that the extreme concentration of wealth actually hinders the world’s ability to reduce poverty.

The report was published before the World Economic Forum in Davos next week, and calls on world leaders to “end extreme wealth by 2025, and reverse the rapid increase in inequality seen in the majority of countries in the last 20 years.”

Oxfam's report argues that extreme wealth is unethical, economically inefficient, politically corrosive, socially divisive and environmentally destructive.

The problem is a global one, Oxfam said: "In the UK inequality is rapidly returning to levels not seen since the time of Charles Dickens. In China the top 10 percent now take home nearly 60 percent of the income. Chinese inequality levels are now similar to those in South Africa, which is now the most unequal country on Earth and significantly more [inequality] than at the end of apartheid."

In the US, the richest 1 percent's share of income has doubled since 1980 from 10 to 20 percent, according to the report. For the top 0.01 percent, their share of national income quadrupled, reaching levels never seen before.

“We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often the reverse is true,” Executive Director of Oxfam International Jeremy Hobbs said.

Hobbs explained that concentration of wealth in the hands of the top few minimizes economic activity, making it harder for others to participate: “From tax havens to weak employment laws, the richest benefit from a global economic system which is rigged in their favor.”

The report highlights that even politics has become controlled by the super-wealthy, which leads to policies “benefitting the richest few and not the poor majority, even in democracies.”

“It is time our leaders reformed the system so that it works in the interests of the whole of humanity rather than a global elite,” the report said.

The four-day World Economic Forum will be held in Davos starting next Wednesday. World financial leaders will gather for an annual meeting that will focus on reviving the global economy, the eurozone crisis and the conflicts in Syria and Mali.

The report proposes a new global deal to world leaders to curb extreme poverty to 1990s levels by:

- closing tax havens, yielding $189bn in additional tax revenues

- reversing regressive forms of taxation

- introducing a global minimum corporation tax rate

- boosting wages proportional to capital returns

- increasing investment in free public services

http://rt.com/news/o...inequality-357/

[Mountain Man]

But if they did that than they wouldn't have multiple solid gold toilets in each of their mansion. Once you have one you can never go back to "normal people toilets"

[Kass9]

In before the haters.

These people have worked hard to get to where they are and you hate them because you aren't in their position.

[Where's Wellwood]

But they still didn't make enough to cover the US's debt.

[Mr. Ambien]

In before the haters.

These people have worked hard to get to where they are and you hate them because you aren't in their position.

[Dittohead]

yes, money is the solution.

[Buttock]

In before the haters.

These people have worked hard to get to where they are and you hate them because you aren't in their position.

[Mr. Ambien]

I wonder how hard you have to work to earn a billion dollars - or how one person's labour can possibly be worth that much!

It can't, of course. The market is overvaluing what these people contribute and systematically undervaluing other things.

[D-Money]

240 billion earned by 100 individuals?

When you get to the point where you're making a billion a year, you'd think it's about time to retire. At that point, it goes beyond feeding your family, having nice things, etc., etc., and becomes a verifiable sickness.

There's only so much to go around. Every billionaire is a thousand less millionaires.

[DarthNinja]

I wonder how hard you have to work to earn a billion dollars - or how one person's labour can possibly be worth that much!

It can't, of course. The market is overvaluing what these people contribute and systematically undervaluing other things.

[Electro Rock]

There's always been inequality, and in North America it was actually worse in the past (Robber Barons, company stores etc), but makes it a different scenario compared to earlier times is the level of artificial scarsity, where basically we must pay though the nose time/resources wise for so many things which should have little actual value.

Also there's the fact that human labor is going to lose out to automation in many industries very soon, where you'll have machines performing all sorts of service and production jobs at a fraction of the cost. Just don't expect an according price drop.

[goalie13]

I must be missing something in the math here. They say that $240B would eliminate extreme poverty four times over, but in the article notes it refers to another article that states Jeff Sachs has estimated that it would cost $175 billion a year for 2 years to end extreme poverty.

$175B for 2 years would be $350B, four times over would be $1.4T which is a great deal more than $240B.

[McMillan]

I always find it funny how quick people are to defend these billionaires and capitalism as a whole. The best thing the billionaires ever did for themselves was make the general population believe that capitalism is good. Honestly I fail to see the difference between today and back when we had kings and emperors. Honestly the working class is nothing but slaves to these people. Sure we can "choose" our choice of slavery but we still struggle to survive in this glorious capitalist world. I mean it must be so good since we allow an elite few (Modern day kings and emperors) to live a life so far beyond our reach that no common man could truly imagine what it'd be like to live off $60,000 a day while most people strive just to be able to afford their own home and retire without reaching poverty. Socialism isn't a bad thing in a single bit. Nor are high tax rates on the rich. I mean honestly what's paying 10MM in taxes when you made 20MM?

[Buddhas Hand]

What's funny is these people won't be donating a huge chunk of their own salary to the poor, they just want others to do it. Hypocrites.

[Buddhas Hand]

[Dazzle]

I always find it funny how quick people are to defend these billionaires and capitalism as a whole. The best thing the billionaires ever did for themselves was make the general population believe that capitalism is good. Honestly I fail to see the difference between today and back when we had kings and emperors. Honestly the working class is nothing but slaves to these people. Sure we can "choose" our choice of slavery but we still struggle to survive in this glorious capitalist world. I mean it must be so good since we allow an elite few (Modern day kings and emperors) to live a life so far beyond our reach that no common man could truly imagine what it'd be like to live off $60,000 a day while most people strive just to be able to afford their own home and retire without reaching poverty. Socialism isn't a bad thing in a single bit. Nor are high tax rates on the rich. I mean honestly what's paying 10MM in taxes when you made 20MM?

[VoiceOfReason_]

yes, money is the solution.

[Tearloch7]

Winner.

Giving people money or just paying debt isn't going to do anything.

[VoiceOfReason_]

Loser ....

Giving mental defectives a voice via the Internets caused all of this ..

[Dral]