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The world's richest 1 per cent will own more than the other 99 per cent by next year, Oxfam has warned.
The charity has highlighted growing inequality ahead of the World Economic Forum in Davos this week.
A research paper suggests the wealthiest 1 per cent have seen their share of global assets rise from 44 per cent in 2009 to 48 per cent last year - with an average worth of $2.92 million each. The figure is on track to exceed 50 per cent this year.
Below the richest fifth, 80 per cent of the world's population own just 5.5 per cent of wealth - an average of $4166 each.
"The scale of global inequality is quite simply staggering," Oxfam executive director Winnie Byanyima said.
originally posted by: cuckooold
a reply to: Jamie1
I have no problem with people having wealth. I ask is it acceptable in a modern developed world for say someone like the Walmart family to have such obscene amounts of money, while some of their workers have to go on welfare? Is it acceptable to have substandard working conditions in the name of profit? Is it acceptable that workers are given 1 hour less than the legal requirement for them to accrue benefits from the workplace and be seen as a full-time employee.
I don't buy into the argument that workers have the choice to accept work or not, certainly not in times of economic hardship. I think there must be a balance, and some of those in positions of having extreme wealth and power like Rupert Murdoch, and Gina (pay them $2 a day) Rhinehart, advocate for the removal of conditions and penalty rates in order to justify putting more money into their already overflowing coffers.
Speaking in video posted on the Sydney Mining Club's website to discuss the recently signed enterprise migration agreement which will allow her to import 1,700 foreign workers for her Roy Hill Iron Ore project, Mrs Rinehart says Australians should not be complacent about the investment pipeline given that African labourers will work for less than $2 a day.
The Great Barrier Reef Marine Park Authority has approved a proposal to dump dredge spoil from the Abbot Point coal terminal expansion in the marine park area
Greenpeace warns that any dumping of dredge spoil on the World Heritage-listed reef will be an "international embarrassment" and akin to "dumping
originally posted by: Edumakated
So what is the optimal amount of wealth they should own? How is it anyone's fault that they create or develop a business that makes them obscenely wealthy while providing jobs for countless other individuals?
So what if Bill Gates is worth $75 billion? How many tens of thousands of millionaires did he create? How many jobs did Microsoft create? Didn't he make your life better by providing you with technology that you can use that makes your life easier?
When I look around my city, I see all kinds community benefits that these billionaires have provided for general use through their donations... museums, libraries, universities, arts, non-profit organizations, etc.
My employer is hardly a billionaire, but I'd guess he is worth $20-30 million, maybe $50. However, he provides jobs for about 200 people that they would not otherwise have. I earn a very good living working for him because of the risk / investment he took to start a business at his kitchen table that is now grown to be one of the larger in my industry. He works his azz off everyday running the company.