World's richest 2,000 people hold more than poorest 4.6 billion combined - Oxfam

[snoop1130]

World's richest 2,000 people hold more than poorest 4.6 billion combined - Oxfam

By George Obulutsa

 

Reuters

 

NAIROBI (Reuters) - The world’s richest 2,153 people controlled more money than the poorest 4.6 billion combined in 2019, while unpaid or underpaid work by women and girls adds three times more to the global economy each year than the technology industry, Oxfam said on Monday.

 

The Nairobi-headquartered charity said in a report released ahead of the annual World Economic Forum of political and business leaders in Davos, Switzerland, that women around the world work 12.5 billion hours combined each day without pay or recognition.

 

In its “Time to Care” report, Oxfam said it estimated that unpaid care work by women added at least $10.8 trillion a year in value to the world economy - three times more than the tech industry.

 

“It is important for us to underscore that the hidden engine of the economy that we see is really the unpaid care work of women. And that needs to change,” Amitabh Behar, CEO of Oxfam India, told Reuters in an interview.

 

To highlight the level of inequality in the global economy, Behar cited the case of a woman called Buchu Devi in India who spends 16 to 17 hours a day doing work like fetching water after trekking 3km, cooking, preparing her children for school and working in a poorly paid job.

 

 

“And on the one hand you see the billionaires who are all assembling at Davos with their personal planes, personal jets, super rich lifestyles,” he said.

 

“This Buchu Devi is not one person. I in India encounter these women on a daily basis, and this is the story across the world. We need to change this, and certainly end this billionaire boom.”

 

Behar said that to remedy this, governments should make sure above all that the rich pay their taxes, which should then be used to pay for amenities such as clean water, healthcare and better quality schools.

 

“If you just look around the world, more than 30 countries are seeing protests. People are on the street and what are they saying? - That they are not to accept this inequality, they are not going to live with these kind of conditions,” he said.

 

-- © Copyright Reuters 2020-01-20

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[YetAnother]

this topic , applied to thailand , might be the single most ignitable match that FFP, and succeeding party , can use; with great care obviously; the wealth divide , dramatic here,has historically shown it's downside worldwide

[justin case]

and who is nr 1 in thailand

 

let me guess, 15 years in jail kind of answer

[Ricohoc]

Who cares?

 

No one of wealth ever kept me from getting mine. 

[sammieuk1]

It was all sold as trickle down by the rich and powerful but unfortunately money defies gravity and only trickles up and also has unexplained magnetic properties ????

[soalbundy]

It will only get worse until the big bang, it is in the interest of the super wealthy to help solve this, there are more lamp posts than 100 dollar bills.

[car720]

15 minutes ago, Ricohoc said:

Who cares?

 

No one of wealth ever kept me from getting mine. 

want to bet?

 

[car720]

I am not usually one for causes but I think it is time for this to end.

The future is not ours.

[nobodysfriend]

Once again , the fault is in the system . Capitalism is ok , ( it needs to be realized that unlimited capitalism leads to destruction ) , but should be limited ( capped ) . No billionaires needed . Companies who make billions of profit should be forced to reinvest their profit for the sake of all people , that means ' save the planet ' as well . The " financial markets " who dictate that eternal growth is the only way to go are the one big factor when it comes to destruction .

[bert bloggs]

So nothing has changed ?

[newnative]

Elizabeth Warren has a plan for that.  

[canuckamuck]

And how many of those 2000 are pedophilic Luciferians, belonging to secret societies?

[Sticky Wicket]

1 million seconds equal 11 and 1/2 days.

1 billion seconds equal 31 and 3/4 years.

 

Just shows simply the numbers involved

Good old Jeff has 110 of them and is obsessed with space exploration. Looks like he will be spùnking all his on that!

However, it must be said that most billionaires' wealth is wrapped up in stocks/shares and therefore not liquid or at their disposal.

Selling chunks at a time would cause alarm bells to ring and the price to free fall.

[Berkshire]

9 minutes ago, nobodysfriend said:

Once again , the fault is in the system . Capitalism is ok , ( it needs to be realized that unlimited capitalism leads to destruction ) , but should be limited ( capped ) . No billionaires needed . Companies who make billions of profit should be forced to reinvest their profit for the sake of all people , that means ' save the planet ' as well . The " financial markets " who dictate that eternal growth is the only way to go are the one big factor when it comes to destruction .

I am a firm believer in the free market and capitalism.  It's the only existing system that provides the most opportunity for prosperity for the masses.  BUT, you're right, no single person needs a freakin billion dollars, let alone 100 billion.  That much money only allows the person to corrupt the system, be above the law.  And most of this wealth creation, as you say, is through the stock market which hasn't contributed much to the betterment of the human race.  As a beneficiary of the stock market myself, I find that it's not a level playing field.  Nothing is going to change much in the foreseeable future because--surprise--the people with the most wealth also controls the people who make the laws.   

[tgw]

I think taxation systems are to blame.

They are so much focused on revenue that they promote wealth accumulation.

Paradoxically, socialist governments with high taxes on revenue have been producing a lot of billionaires.

 

But Oxfam is also using every opportunity to spread their propaganda. The wealth figures they use also need some reflexion. I'd bet a lot of the "wealth" is own stock held by company founders, which in my opinion should not be included in the wealth count until it's sold or otherwise made available as cash.

 

Much of modern billionaires' wealth has been made with stocks.

 

Why do stocks go up? good company performance? nope.

The reason stocks have been constantly going up is the gigantic and ever growing mass of money looking for investment, mostly pension funds and similar, most of which are also promoted by governments.

 

 

[worgeordie]

No matter how much money the richest 2000 have,it

will never be enough for them,they will always want more.

regards Worgeordie

[wwest5829]

2 hours ago, Ricohoc said:

Who cares?

 

No one of wealth ever kept me from getting mine. 

Conversely, the poorest 4.6 billion combined in 2019, did not keep me from getting mine? Oh, right ... you do not care ...

[Saint Nick]

These numbers are just obscene!

????

[tgw]

2 hours ago, Saint Nick said:

These numbers are just obscene!

????

I'm sure we could make them even more obscene by changing the calculation! let's for example use "projected real estate value in 10 years" or something.

[Saint Nick]

30 minutes ago, tgw said:

I'm sure we could make them even more obscene by changing the calculation! let's for example use "projected real estate value in 10 years" or something.

Careful, Icarus!

[CGW]

5 hours ago, canuckamuck said:

And how many of those 2000 are pedophilic Luciferians, belonging to secret societies?

Be easier to list those that aren't! 

Edited January 21, 2020 by CGW

[CGW]

Be assured Thailand is doing it's utmost to continue this distribution continues in the same manner!

[RuamRudy]

8 hours ago, Ricohoc said:

Who cares?

 

No one of wealth ever kept me from getting mine. 

They did a good job on you, it would seem.

[Berkshire]

1 hour ago, CGW said:

Be assured Thailand is doing it's utmost to continue this distribution continues in the same manner!

How is that any different than what the US is doing?  Or any other country? 

[CGW]

Just now, Berkshire said:

How is that any different than what the US is doing?  Or any other country? 

I never said it was any different, just mentioning Thailand was doing its bit! ????

[sirineou]

The current system is broken, and it will get worst before it gets better. 

Under the current economic system income inequality even though severe now, will only increase, and increase exponentially.

Consider the math. Investment class wealth increases at the average investment return rate (even though I know, I am not posting numbers because I don't want to get mired into arguing numbers) 

Where Working class wealth increase at best remains stagnant.

Here is the exponential increase thing. if any system grows at 7% it will double in value in 10 years. (what is the average investment return?)  you do the math. 

Now add AI and automation to the mix, and the downward pressure is and will induce to the working class wealth growth, and you can see why the divergence in the wealth of the two classes??? 

This current economic  system is not sustainable, unfortunately we are still stuck in the "but it's socialism" argument, I am afraid that it will take a lot more pain before we except the inevitable solution of a hybrid Capitalist/socialist economic system.

Edited January 21, 2020 by sirineou

[natway09]

Oxfam knows all about money.........7 for me 3 for you

[Thomas J]

7 hours ago, nobodysfriend said:

Once again , the fault is in the system . Capitalism is ok , ( it needs to be realized that unlimited capitalism leads to destruction ) , but should be limited ( capped ) . No billionaires needed . Companies who make billions of profit should be forced to reinvest their profit for the sake of all people , that means ' save the planet ' as well . The " financial markets " who dictate that eternal growth is the only way to go are the one big factor when it comes to destruction .

nobodysfriend, No billionaires put a gun to peoples heads and said give me your money.  People become wealthy because they provide something that others "value" and they are willing to pay for it.  Most of the billionaires in the USA are first generation.  China ( a communist country) is creating 2 new billionaires every week.  What you liberals forget is that these wealthy people provide value to society far more than those without wealthy.  Look at Bill Gates, HE WAS UNDERPAID.  If you count the productivity given the world by Microsoft and windows he was paid a pittance.  Jeff Bezos is the wealthiest man in the world.  First generation wealth.  Microsoft employs 175,000 people and Amazon employs 750,000 people.  If you have a lottery where the top prize is only $1 million you sell few tickets.  If you have a lottery where the top prize is $1 billion dollars you will sell many.  YOU WANT AS MANY PEOPLE AS POSSIBLE STRIVING TO BECOME BILLIONAIRES.  Those are the people who invent things, make society in general richer, and employ people.  Lastly, they really don't get to keep the money.  At their death, they either need to give the majority of it to charity, or the government will take at least 50% of it in inheritance taxes.  

 

[ThomasThBKK]

39 minutes ago, Thomas J said:

nobodysfriend, No billionaires put a gun to peoples heads and said give me your money.  People become wealthy because they provide something that others "value" and they are willing to pay for it.  Most of the billionaires in the USA are first generation.  China ( a communist country) is creating 2 new billionaires every week.  What you liberals forget is that these wealthy people provide value to society far more than those without wealthy.  Look at Bill Gates, HE WAS UNDERPAID.  If you count the productivity given the world by Microsoft and windows he was paid a pittance.  Jeff Bezos is the wealthiest man in the world.  First generation wealth.  Microsoft employs 175,000 people and Amazon employs 750,000 people.  If you have a lottery where the top prize is only $1 million you sell few tickets.  If you have a lottery where the top prize is $1 billion dollars you will sell many.  YOU WANT AS MANY PEOPLE AS POSSIBLE STRIVING TO BECOME BILLIONAIRES.  Those are the people who invent things, make society in general richer, and employ people.  Lastly, they really don't get to keep the money.  At their death, they either need to give the majority of it to charity, or the government will take at least 50% of it in inheritance taxes.  

 

Agree, 

 

the only billionaires if have any issues with are those that got their money in kleptocracy, asian and african dictators, russian oligarchs etc...

 

Fair game to bezos, gates and co, the world needs more of them, not less.

[nobodysfriend]

1 hour ago, Thomas J said:

nobodysfriend, No billionaires put a gun to peoples heads and said give me your money.  People become wealthy because they provide something that others "value" and they are willing to pay for it.  Most of the billionaires in the USA are first generation.  China ( a communist country) is creating 2 new billionaires every week.  What you liberals forget is that these wealthy people provide value to society far more than those without wealthy.  Look at Bill Gates, HE WAS UNDERPAID.  If you count the productivity given the world by Microsoft and windows he was paid a pittance.  Jeff Bezos is the wealthiest man in the world.  First generation wealth.  Microsoft employs 175,000 people and Amazon employs 750,000 people.  If you have a lottery where the top prize is only $1 million you sell few tickets.  If you have a lottery where the top prize is $1 billion dollars you will sell many.  YOU WANT AS MANY PEOPLE AS POSSIBLE STRIVING TO BECOME BILLIONAIRES.  Those are the people who invent things, make society in general richer, and employ people.  Lastly, they really don't get to keep the money.  At their death, they either need to give the majority of it to charity, or the government will take at least 50% of it in inheritance taxes.  

 

Thanks for your post . I have nothing against billionaires ... I just think there should not be any .

I agree , some people have been clever and creative , and earned billions ( look at Bill Gates f.e. he's a philantroph , he gave a good part of his money away to help people ... *)  nothing wrong with that , but it would be better if  ( the ) a good non corrupt government took care of that ... Again , money that is not needed by somebody anymore , ( because super rich anyway ) , should be distributed to and used to solve some of the many problems in our present societies ...?

Anyway , regarding the inheritance taxes , please do not be naive ... these people set up international companies with their headquarters in low- tax countries , just to avoid paying taxes ... I think their lawyers would be very creative about what concerns the inheritance taxes ...

 

* Asian billionaires do apparently not have this tendancy ... I read this somewhere not long ago , not remember where ...

Edited January 21, 2020 by nobodysfriend