News / Economy

Oxfam: 85 Wealthiest People Own as Much as Half the World's Population

FILE - US $100 notes.
FILE - US $100 notes.
VOA News
The human rights group Oxfam says the wealth of the world's 85 richest people equals that of half the world's population.

Oxfam released a study on global inequality on Monday, before a meeting this week of government and business leaders at the World Economic Forum in Davos, Switzerland.

A co-author of the report, Nick Galasso, tells VOA that wealthy elites have used their political power to get lower tax rates, hide wealth offshore, and otherwise serve their own interests.

"High levels of inequality actually corrode democratic processes.  What we have seen across the globe and what the report documents is how wealth concentration is used to influence the political process to create laws and regulations that benefit the rich over everyone else," said Galasso.

He said high levels of inequality hurt economic growth, make it harder to reduce extreme poverty and lead to a variety of social ills, including crime and disease.

Oxfam said that "by some measure, the riches of billionaires are now unparalleled in history."  Last year, Forbes calculated the combined fortunes of the 85  wealthiest at nearly $1.7 trillion.

The report did not name the world's 85 richest individuals, but cited lists compiled by Credit Suisse bank and Forbes magazine.

Oxfam said the income alone derived from the $73 billion fortune of the world's richest individual, Mexican telecommunications mogul Carlos Slim, could pay the yearly wages of 440,000 Mexicans.

The report lists financial deregulation, tax havens and secrecy, and diminished public services as examples of political maneuvering by the wealthy.  It said the effect of these policy changes is not only to concentrate wealth and political influence in higher income brackets but to ensure it stays there for the next generation.

Oxfam says in the past decade the number of billionaires in India has increased tenfold, while in Europe austerity measures mainly affect the middle and lower classes.  It says in Africa, global corporations exploit their political influence to avoid taxes, reducing government resources to fight poverty.

Oxfam is calling for those business leaders and government delegates attending the World Economic Forum to support government programs that strive to help under-served middle- and lower-income levels; support development of fair wages; and crack down on tax dodging and financial secrecy.

Galasso acknowledged reducing inequality will not be easy.

"I think that this is certainly an uphill battle, but this is the right moment.  If you scan the Internet, if you look at the news, this is the issue, this is a global issue that people seem to overwhelmingly care about.  What we are asking world leaders at Davos, the movers and shakers, to do is to instead of using their influence to, for example, generate better tax policies for themselves or allow them to ship their profits out of state so they do not get taxed, we are asking them to use their influence to help create a more harmonious society where there's shared prosperity," he said.

You May Like

Turkey's Controversial Reform Bill Giving Investors Jitters

Homeland security reform bill will give police new powers in search, seizure, detention and arrests, while restricting the rights of suspects, their attorneys More

Audio Slideshow In Kenyan Prison, Good Grades Are Path to Freedom

Some inmates who get high marks could see their sentences commuted to non-custodial status More

'Rumble in the Jungle' Turns 40

'The Champ' knocked Foreman out to regain crown he had lost 7 years earlier when US government accused him of draft-dodging and boxing officials revoked his license More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Victorious Secularists Face Challenge to Form Government in Tunisiai
X
Henry Ridgwell
October 30, 2014 11:39 PM
Official results from Tunisia show the Islamist Ennahda party has failed to win the second free election since the so-called "Arab Spring" uprising in 2011. Ennahda, which handed power to a government of technocrats pending the elections, lost out to the secular party Nidaa Tounes. Henry Ridgwell reports from London that the relatively peaceful poll offers some hope in a volatile region.
Video

Video Victorious Secularists Face Challenge to Form Government in Tunisia

Official results from Tunisia show the Islamist Ennahda party has failed to win the second free election since the so-called "Arab Spring" uprising in 2011. Ennahda, which handed power to a government of technocrats pending the elections, lost out to the secular party Nidaa Tounes. Henry Ridgwell reports from London that the relatively peaceful poll offers some hope in a volatile region.
Video

Video Africa Tells its Story Through Fashion

In Africa, Fashion Week is a riot of colors, shapes, patterns and fabrics - against the backdrop of its ongoing struggle between nature and its fast-growing urban edge. How do these ideas translate into needle and thread? VOA’s Anita Powell visited this year’s Mercedes Benz Fashion Week Africa in Johannesburg to find out.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.