News / Economy

Pope Urges Business Elite to Use Wealth to Serve Humanity

FILE - In this photo provided by the Vatican newspaper, Pope Francis smiles during an event at the Vatican on Jan.21, 2014.
FILE - In this photo provided by the Vatican newspaper, Pope Francis smiles during an event at the Vatican on Jan.21, 2014.
VOA News
Pope Francis has called on the world's business and political elite to use their skills and immense resources to alleviate global poverty.

The pontiff's message Tuesday opened the annual World Economic Forum in Davos, Switzerland.  In it, the pope praised the fundamental role that modern business has played in improving health care, education and communications.  But he also said it is "intolerable" that hunger continues to grip many struggling economies. He urged forum delegates to "ensure that humanity is served by wealth and not ruled by it."

The papal plea came as the human rights group Oxfam released a study showing the wealth of the world's 85 richest individuals equals that of 3.5 billion people - a full one-half of the global population.

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.

Oxfam said that "by some measure, the riches of billionaires are now unparalleled in history."  Last year, Forbes magazine 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.  It 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 that 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 at the 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.

You May Like

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. More

Video Sudan School Becomes Target of Aerial Attacks

Dropout rate at an all-time high in South Kordofan state because many schools have been destroyed during 3-year civil war More

Tennessee Songbirds Fly Coop Long Before Tornadoes Arrive

Researchers say birds apparently alerted to danger by sounds at frequencies below range of human hearing More

This forum has been closed.
Comment Sorting
Comments
     
by: BPSeattle from: Seattle
January 22, 2014 3:35 PM
It is heartening to hear the Pope urge the elite to do more for the global poor. The disparity seems to be increasing forever and unless we all stand up and act, we will have a war! At www.borgenproject.com, learn how you can help too!


by: Muhasan from: Iran
January 21, 2014 9:59 PM
by "humanity" he means subsidize more pedophile priests... Allah will make you all bow to our will. Christian/Jewish filth.

In Response

by: Godwin from: Nigeria
January 22, 2014 1:24 PM
No, he's not referring to more suicide bombers and terrorism; he says to save lives not destroy it by sharia and hate.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US: Response to Sony Hack Will Be Proportionali
X
Aru Pande
December 19, 2014 1:45 AM
The White House says President Barack Obama considers the cyberattack on Sony Corp. a serious national security matter and that the U.S. will counter with an "appropriate response." VOA correspondent Aru Pande reports.
Video

Video US: Response to Sony Hack Will Be Proportional

The White House says President Barack Obama considers the cyberattack on Sony Corp. a serious national security matter and that the U.S. will counter with an "appropriate response." VOA correspondent Aru Pande reports.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Putin Says Russian Economy Will Emerge Stronger

Russian President Vladimir Putin has said his country's sinking economy will not only recover but also become stronger, despite falling oil prices and Western sanctions over Ukraine. VOA's Daniel Schearf reports.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.

All About America

AppleAndroid

World Currencies

EUR
USD
0.8140
JPY
USD
118.81
GBP
USD
0.6402
CAD
USD
1.1597
INR
USD
63.066

Rates may not be current.