Meadville Tribune

Lifestyles

January 22, 2014

World's richest 85 people now worth same amount as poorest 3.5 billion

NEW YORK — Global capitalism, we have a problem.

We've long known that life isn't fair and that the world's wealth is unevenly distributed. But the latest factoid from Oxfam on global poverty and inequality is breathtaking. In a new report, the nonprofit reports that just 85 people - the richest of the world's rich - hold as much wealth as the poorest 3.5 billion. That's half the world's population.

In other words, the top 0.00000001 percent are worth as much as the bottom 50 percent combined. The top 1 percent, meanwhile, control nearly half the world's wealth, or 65 times as much as the world's less-fortunate half.

On a country-by-country basis, the filthy rich have only been getting richer. Between 1980 and 2012, the wealthiest 1 percent increased their share of the spoils in 24 of the 26 countries Oxfam surveyed. This includes the United States, where the wealthiest 1 percent have captured 95 percent of all economic growth since the financial crisis of 2009, while the bottom 90 percent have gotten poorer.

Oxfam's concern is not just that half the world's population could be bought and sold by a group of individuals who could fit in a single large boardroom. It's that this staggering disparity creates a vicious cycle. From the nonprofit's report:

 

Oxfam is concerned that, left unchecked, the effects are potentially immutable, and will lead to "opportunity capture" - in which the lowest tax rates, the best education, and the best healthcare are claimed by the children of the rich. This creates dynamic and mutually reinforcing cycles of advantage that are transmitted across generations.

       

Good luck, you half of the world's people who hold less than 1 percent of its wealth. May the odds be ever in your favor!

               



 

1
Text Only
Lifestyles
  • web_starbucks-cof_big_ce.jpg Starbucks sees more Apple-like stores after Colombia debut

    This week Starbucks opened its first location in Colombia — a 2,700-square-foot store with a heated patio, concrete columns, mirrors on the ceiling and walls of colorful plants.

    July 17, 2014 1 Photo

  • Are America's biggest alcohol brands targeting the country's underage youth?

    Underage drinkers - those between the ages of 18 and 20, most specifically - are more heavily exposed to printed alcohol advertisements than any other age group, according to a new study. And it's America's biggest booze companies that could be to blame.

    July 10, 2014

  • How professors are using Facebook to teach

    Technology is an established part of the lives of students. But university lecturers are becoming increasingly frustrated at how they must compete with tablets and laptops for students' attention in the lecture hall.

    July 10, 2014

  • Why does the Vatican need a bank?

    The Vatican Bank's history reads more like Dan Brown than the financial pages, but its worst -- and weirdest -- days may be behind it.

    July 10, 2014

  • Careful planning is the key to a successful Mother’s Day visit

    Are you planning to visit your mom at a senior living residence for Mother’s Day? Are you wondering what you should do or what you should bring? Our experience may provide you with some valuable insight.

    May 10, 2014

  • Which foods are the worst for the environment?

    As with most arguments about our food supply, though, it's not that simple. Although beef is always climatically costly, pork or chicken can be a better choice than broccoli, calorie for calorie.

    March 12, 2014

  • Old Spice attracting women in gender-bending win for P&G

    Young women are embracing Old Spice - long known as the brand dad kept in the medicine cabinet - even as P&G's marketing continues to focus on their male peers.

    March 12, 2014

  • news_planesearch.jpg Missing Malaysian jetliner confuses a world that's online 24/7

    The disappearance five days ago of a Malaysian Airline Systems Bhd. aircraft with 239 people on board is confounding search teams and a global audience used to around-the-clock connectivity and real-time updates.

    March 12, 2014 1 Photo

  • news_nycexplosion.jpg VIDEO: Aftermath of NYC building collapse

    Footage from the New York Daily News shows firefighters responding to a building collapse at East 116th Street and Park Avenue in Harlem. At least 11 minor injuries had been reported late Wednesday morning.

    March 12, 2014 1 Photo

  • news_google.jpg First Apple, now Google hit with kids' app lawsuit

    Last month, 4- and 5-year-old brothers in New York quickly spent $65.95 in real money to buy virtual goods in Marvel's Run Jump Splash game on the family tablet. They were able to rack up the charges without entering a password. And for that, the boys' mother has joined a class-action lawsuit filed Tuesday against Google, accusing the company of deceiving consumers about its in-app purchase system, which critics say makes it too easy for kids to spend money on their Android devices.

    March 12, 2014 1 Photo