Oxfam says world's rich could end poverty
laker1963
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UK-based charity says the world's 100 richest people earned enough in 2012 to end global poverty four times over.
The world's richest one percent have seen their income increase by 60 percent in the last 20 years [EPA]
The world's 100 richest people earned enough money last year to end world extreme poverty four times over, according to a new report released by international rights group and charity Oxfam.
The $240 billion net income of the world's 100 richest billionaires would have ended poverty four times over, according to the London-based group's report released on Saturday.
The group has called on world leaders to commit to reducing inequality to the levels it was at in 1990, and to curb income extremes on both sides of the spectrum.
The release of the report was timed to coincide with the holding of the World Economic Forum in Davos next week.
The group says that the world's richest one percent have seen their income increase by 60 percent in the last 20 years, with the latest world financial crisis only serving to hasten, rather than hinder, the process.
"We sometimes talk about the 'have-nots' and the 'haves' - well, we're talking about the 'have-lots'. [...] We're anti-poverty agency. We focus on poverty, we work with the poorest people around the world. You don't normally hear us talking about wealth. But it's gotten so out of control between rich and poor that one of the obstacles to solving extreme poverty is now extreme wealth," Ben Phillips, a campaign director at Oxfam, told Al Jazeera.
'Global new deal'
"We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often the reverse is true," said Jeremy Hobbs, an executive director at Oxfam.
"Concentration of resources in the hands of the top one per cent depresses economic activity and makes life harder for everyone else – particularly those at the bottom of the economic ladder.
"In a world where even basic resources such as land and water are increasingly scarce, we cannot afford to concentrate assets in the hands of a few and leave the many to struggle over what’s left."
Hobbs said that "a global new deal" is required, encompassing a wide array of issues, from tax havens to employment laws, in order to address income inequality.
Closing tax havens, the group said, could yield an additional $189bn in additional tax revenues. According to Oxfam's figures, as much as $32 trillion is currently stored in tax havens.
In a statement, Oxfam warned that "extreme wealth and income is not only unethical it is also economically inefficient, politically corrosive, socially divisive and environmentally destructive."
Source: Al Jazeera and agencies
The world's 100 richest people earned enough money last year to end world extreme poverty four times over, according to a new report released by international rights group and charity Oxfam.
The $240 billion net income of the world's 100 richest billionaires would have ended poverty four times over, according to the London-based group's report released on Saturday.
The group has called on world leaders to commit to reducing inequality to the levels it was at in 1990, and to curb income extremes on both sides of the spectrum.
The release of the report was timed to coincide with the holding of the World Economic Forum in Davos next week.
The group says that the world's richest one percent have seen their income increase by 60 percent in the last 20 years, with the latest world financial crisis only serving to hasten, rather than hinder, the process.
"We sometimes talk about the 'have-nots' and the 'haves' - well, we're talking about the 'have-lots'. [...] We're anti-poverty agency. We focus on poverty, we work with the poorest people around the world. You don't normally hear us talking about wealth. But it's gotten so out of control between rich and poor that one of the obstacles to solving extreme poverty is now extreme wealth," Ben Phillips, a campaign director at Oxfam, told Al Jazeera.
'Global new deal'
"We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often the reverse is true," said Jeremy Hobbs, an executive director at Oxfam.
"Concentration of resources in the hands of the top one per cent depresses economic activity and makes life harder for everyone else – particularly those at the bottom of the economic ladder.
"In a world where even basic resources such as land and water are increasingly scarce, we cannot afford to concentrate assets in the hands of a few and leave the many to struggle over what’s left."
Hobbs said that "a global new deal" is required, encompassing a wide array of issues, from tax havens to employment laws, in order to address income inequality.
Closing tax havens, the group said, could yield an additional $189bn in additional tax revenues. According to Oxfam's figures, as much as $32 trillion is currently stored in tax havens.
In a statement, Oxfam warned that "extreme wealth and income is not only unethical it is also economically inefficient, politically corrosive, socially divisive and environmentally destructive."
Source: Al Jazeera and agencies
Comments
Also as you mentioned... if true it makes you think. This was the story. NOT the source. That reaction is typical of those who would discredit someone or something without actually saying anything which would lead to enlightenment.
Where did this article advance the notion that we should take money from these people to wipe out world poverty? While that would be a grand idea indeed, that was NEVER mentioned in the article at all. This was mearly pointing out how far out of scale things have become in the world.
Maybe it's time for you to actually read and then THINK, and THEN respond to a thread like this one. It was intended for information purposes only Gypsy, no freak from the left is trying to take anything away from you, so relax.
Besides unless YOU happen to fall into the top 100 richest people in the world... what is your beef? The really interesting thing for me about this article was that IF these people choose to do so, they could wipe out poverty in one blow and it would only cost them 25 % of their wealth. That would leave them 75% as well off and global poverty could be wiped out. Again, Gypsy I am NOT advocating this. It is just VERY interesting to see how far out of balance things have become and how easily and how little would really be required to fix things if we chose to do so. In either case, don't worry Gypsy... it won't cost you a cent.
Sarcastic of course....This is CCOM not Mother Russia.
When you cant agree on a topic... just attack someone and degrade them..... The Liberal way!
Fill your boots boy's. This place really ain't what it used to be. WOW.
Again I will state that this was intended for information only. I thought some here might like to know the scale of things. Obviously some here really DON'T appreciate that type of information being shared so they need to ridicule or belittle the information. This used to be such a KEWL place to share idea's. Now it just seems that some of us bring out the disagreeable side of others. Back to lurking for a while I guess. I will attempt to only post in the future, things which I am fairly sure should not cause controversy.
So how 'bout them Sox eh? (fucking shaking my head)
As for your final comments in your last post... looks like I hit a nerve eh? LMAO you're funny.