World's eight richest as wealthy as half humanity, Oxfam tells Davos

[webfact]

World's eight richest as wealthy as half humanity, Oxfam tells Davos

By Ben Hirschler

REUTERS

 

The logo of the World Economic Forum is seen through a wooden sculpture in the congress center of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 15, 2017. REUTERS/Ruben Sprich

 

DAVOS, Switzerland (Reuters) - Just eight individuals, all men, own as much wealth as the poorest half of the world's population, Oxfam said on Monday in a report calling for action to curtail rewards for those at the top.

 

As decision makers and many of the super-rich gather for this week's World Economic Forum (WEF) annual meeting in Davos, the charity's report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated.

 

Oxfam, which described the gap as "obscene", said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time.

 

In 2010, by comparison, it took the combined assets of the 43 richest people to equal the wealth of the poorest 50 percent, according to the latest calculations.

 

Inequality has moved up the agenda in recent years, with the head of the International Monetary Fund and the Pope among those warning of its corrosive effects, while resentment of elites has helped fuel an upsurge in populist politics.

 

Concern about the issue was highlighted again in the WEF's own global risks report last week.

 

"We see a lot of hand-wringing - and clearly Trump's victory and Brexit gives that new impetus this year - but there is a lack of concrete alternatives to business as usual," said Max Lawson, Oxfam's head of policy.

 

"There are different ways of running capitalism that could be much, much more beneficial to the majority of people."

 

SUPER-CHARGED CAPITALISM

 

Oxfam called in its report for a crackdown on tax dodging and a shift away from "super-charged" shareholder capitalism that pays out disproportionately to the rich.

 

While many workers struggle with stagnating incomes, the wealth of the super-rich has increased by an average of 11 percent a year since 2009.

 

Bill Gates, the world's richest man who is a regular at Davos, has seen his fortune rise by 50 percent or $25 billion since announcing plans to leave Microsoft in 2006, despite his efforts to give much of it away.

 

While Gates exemplifies how outsized wealth can be recycled to help the poor, Oxfam believes such "big philanthropy" does not address the fundamental problem.

 

"If billionaires choose to give their money away then that is a good thing. But inequality matters and you cannot have a system where billionaires are systematically paying lower rates of tax than their secretary or cleaner," Lawson said.

 

Oxfam bases its calculations on data from Swiss bank Credit Suisse and Forbes. The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico's Carlos Slim, Amazon boss Jeff Bezos, Facebook's Mark Zuckerberg, Oracle's Larry Ellison and former New York City mayor Michael Bloomberg.

 

(Editing by Alexander Smith)

 

-- © Copyright Reuters 2017-01-16

[canuckamuck]

The actual richest aren't on these list of course.

[thaibeachlovers]

So, what do they want to do about it? What do they expect us to do about it?

Most of know that life is unfair, and it sucks for the vast majority of humans, but just going around saying that isn't going to change anything. 

Just look at science fiction films for an idea as to what lies in store for us.

[Shawn0000]

2 hours ago, canuckamuck said:

The actual richest aren't on these list of course.

 

Like who?

Edited January 16, 2017 by Shawn0000

[Shawn0000]

19 minutes ago, thaibeachlovers said:

So, what do they want to do about it? What do they expect us to do about it?

Most of know that life is unfair, and it sucks for the vast majority of humans, but just going around saying that isn't going to change anything. 

Just look at science fiction films for an idea as to what lies in store for us.

 

Well, you could try voting for a party which pledges to tackle inequality, or you could vote for likes of Trump and actively support the widening disparity of wealth.  Oxfam highlighting the issue is the first step, now it takes us to do something about it, democratically.

[NumbNut]

1 minute ago, Shawn0000 said:

 

Well, you could try voting for a party which pledges to tackle inequality, or you could vote for likes of Trump and actively support the widening disparity of wealth.  Oxfam highlighting the issue is the first step, now it takes us to do something about it, democratically.

 

Yeah, democratically... or maybe we should just cut through the shit.

 

Tumbrels and guillotines anyone?

[BMW Overlander]

52 minutes ago, Shawn0000 said:

 

Like who?

 

The Rothschild family

[Shawn0000]

1 hour ago, BMW Overlander said:

 

The Rothschild family

 

No familes appear on the list, only individuals, the Rothschild trillions are split between so many people that none of them individually rank very highly on the Forbes list.

[bobmac10]

3 hours ago, thaibeachlovers said:

So, what do they want to do about it? What do they expect us to do about it?

Most of know that life is unfair, and it sucks for the vast majority of humans, but just going around saying that isn't going to change anything. 

Just look at science fiction films for an idea as to what lies in store for us.

Obviously on your planet science fiction is real

[Sphere]

7 hours ago, webfact said:

World's eight richest as wealthy as half humanity, Oxfam tells Davos

 

Davos....was it? I bet the audience choked on their caviar and foie gras.....

[kamahele]

2 hours ago, BMW Overlander said:

 

The Rothschild family

I think that the Walton family's wealth at 130 billlion dollars may dwarf that of  the Rothschilds at this point

[Thaidream]

What can we do about it? As an American I can continue to vote for people like Bernie Sanders who if elected would devise tax laws that would redistribute wealth from the 1% back to the 99%. In addition, he would make healthcare a human right which would put the selfish and wealthy insurance companies out of business and force Big Pharma to reduce prices.

Instead we get billionaires like Trump who has convinced 50% of the American electorate that he will actually do something for them. I will be surprised if that ever takes place. The World is filled with wealthy megalomaniacs who convince the downtrodden that they know best. 

The current situation is unsustainable. I doubt Democracy will ever b e able to solve this problem. However, at some point the 99% will attempt to solve it just as they did in past revolutions and then the cycle starts anew.

The real problem is a lack of ethical and moral people. The God of choice now is money and to hell with everyone and everything else. These people are in for a rude awakening.

[TPI]

4 hours ago, Shawn0000 said:

 

No familes appear on the list, only individuals, the Rothschild trillions are split between so many people that none of them individually rank very highly on the Forbes list.

That's the plan! And that particular family are experts at playing the game, all we can do is to live fast, die young and leave a good looking copse!

[jollyhangmon]

1 hour ago, Thaidream said:

What can we do about it? As an American I can continue to vote for people like Bernie Sanders who if elected would devise tax laws that would redistribute wealth from the 1% back to the 99%. In addition, he would make healthcare a human right which would put the selfish and wealthy insurance companies out of business and force Big Pharma to reduce prices.

Instead we get billionaires like Trump who has convinced 50% of the American electorate that he will actually do something for them. I will be surprised if that ever takes place. The World is filled with wealthy megalomaniacs who convince the downtrodden that they know best. 

The current situation is unsustainable. I doubt Democracy will ever b e able to solve this problem. However, at some point the 99% will attempt to solve it just as they did in past revolutions and then the cycle starts anew.

The real problem is a lack of ethical and moral people. The God of choice now is money and to hell with everyone and everything else. These people are in for a rude awakening.

 

Well put!
And sure right, talkin' about megalomaniacs, just for another example: i read yesterday that Dump Donnies I-talian twin Berlusconi attempts a comeback, again. Luckily that one's banned from politics (maybe for life in Italy? don't know ...) due to a conviction of massive tax-fraud. Over 80 years old that wonka, total political and especially moral failure but just can't let it go.

Same ilk, slightly different hairdo (bruahaha ...)

 

So yes, pretty feasible the '99%' will be all at it again that way or another, i think neither the reference to SciFi ^^ nor the one about guillotines in posts above is all too far fetched.

No need for another planet by the way as far as that's concerned, enough of pre-1970's science-fiction is reality just here and now ... 

[White Christmas13]

8 hours ago, canuckamuck said:

The actual richest aren't on these list of course.

Yeah can't find my name anywhere

[Shawn0000]

36 minutes ago, TPI said:

That's the plan! And that particular family are experts at playing the game, all we can do is to live fast, die young and leave a good looking copse!

 

It is ludicrous to speak of the great great great great great great great great grandchildren of Mayer Rothschild as if they are one functioning family with some sort of plan, Mayer had a plan back in the early 1800's when his 5 sons were sent to the 5 main financial cities of Europe, but the families grew and diversified, some of them lost everything, others became even wealthier, and the wealthy ones did not help those who had lost, presumably they did not even know them considering they were something like 6th cousins by this point.  To lump their wealth together just because a handful of them are extremely wealthy and powerful today is just plain daft, they are a family of thousands and have not been unified in any way since WW2.

[optad]

Focusing on the 'eight names' minimises the problems mentioned in the article badly. Indeed, it creates an unreal perversion of  interest in the 'who', ie not you.

 

The point looming here is that 'globalisation' has proven to be a poor redistributor of wealth, from OXFAM's pov. Indeed, globalisation has exacerbated the wealth discrepancy. This we already know anecdotally but it is being strategically extended in the public and private spheres. When our systems encourage these discrepancies the problem is wholly magnified. 

 

OXFAM is dedicated to resolving the issues poor people face and this disequilibrium is a perpetual point of interest for its researchers. Economic instability is the most dangerous equation for global stability, yet every would be statesperson comments on stability and fails to fulfil. We have a pres, elect who we just cannot know the future about. Disarming. 

 

This report is one day old. Easy to skim on a desktop. 

 

https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/bp-economy-for-99-percent-160117-en.pdf

 

[elgordo38]

8 hours ago, NumbNut said:

 

Yeah, democratically... or maybe we should just cut through the shit.

 

Tumbrels and guillotines anyone?

Count the lamp posts and buy rope. A little display. I hate to watch even chickens running around minus their head. 

[elgordo38]

I am sure they are all in a huddle trying to figure out a way to take yet more money away from us. Increase their share of wealth to 60 or 70% from 50% What a bunch of scumbags a pox them all. 

[elgordo38]

12 minutes ago, optad said:

OXFAM is dedicated to resolving the issues poor people face

Its like the UN talk talk talk no action. A sham of an outfit. 

[optad]

26 minutes ago, elgordo38 said:

Its like the UN talk talk talk no action. A sham of an outfit. 

But you, of course, have alternatives.

 

You, elgordo38,  do not snipe at constructive ideas. NEVER in your serial one line ,vacuous posts late at night, offer ways of doing things better. You have solutions of course,  just choose not to share. 

 

 

[elgordo38]

2 hours ago, optad said:

But you, of course, have alternatives.

 

You, elgordo38,  do not snipe at constructive ideas. NEVER in your serial one line ,vacuous posts late at night, offer ways of doing things better. You have solutions of course,  just choose not to share. 

 

 

You have a point sadly for 50 plus years I have listened to all this hoopla we have the answers help is on the way alternatives you ask sorry I have none. We are locked into a non performing system well for the poor downtrodden and of course my class the pensioners. I have no solutions to share sadly my solution well ran dry a long time ago. Solutions only work if put forth and followed through by the power brokers and they have abandoned us for personal gain like everyone in power. Thanks for reading the one liners but I intersperse them with some fairly long answers such as this one. Some times the short one liners are easier and make the point better than a long litany. People no longer desire to read long stories the one line zingers seem to work better. 

[jonw8uk]

3 hours ago, elgordo38 said:

I am sure they are all in a huddle trying to figure out a way to take yet more money away from us. Increase their share of wealth to 60 or 70% from 50% What a bunch of scumbags a pox them all. 

 

Mark Zuckerberg (facebook co-founder) is one of the 8.  He made a very successful website, I don't begrudge him the money that has brought him, nor anyone who has the ability, drive, ambition (and luck) to become a billionaire.  Seems like success is a dirty word? 

He's also pledged to give away 99% of his wealth within his lifetime - thats pretty generous I'd say.

Another point is I have never given any money to Facebook; its free. 

 

In the version I read there was a snippet I found interesting:

 

"It takes cash and assets worth $71,600 to get into the top 10%, and $744,396 to be in the top 1%."

 

I would say most TV members are at least 10%ers! 

 

 

[williamgeorgeallen]

13 hours ago, BMW Overlander said:

 

The Rothschild family

thats just one very good example.

[Ulic]

Oxfam, just another corrupt NGO that wastes 90% of the money it raises on further

fundraising, salaries/expenses of staff and the other expenses. The pot calling the

kettle black as far as I am concerned. Gates, Buffet, and Zuckerberg have all pledged

to give there money away and will do far more good than the likes of Oxfam.

The UN/NGO's should focus on birth control and ending government corruption if

it really wants to end world poverty. However if they did that they would end there

own jobs and empty the feeding trough.

The UN should focus on ending its own corruption problems starting with ending

nepotism and patronage appointments.

[optad]

19 minutes ago, Ulic said:

Oxfam, just another corrupt NGO that wastes 90% of the money it raises on further

fundraising, salaries/expenses of staff and the other expenses. The pot calling the

kettle black as far as I am concerned. Gates, Buffet, and Zuckerberg have all pledged

to give there money away and will do far more good than the likes of Oxfam.

The UN/NGO's should focus on birth control and ending government corruption if

it really wants to end world poverty. However if they did that they would end there

own jobs and empty the feeding trough.

The UN should focus on ending its own corruption problems starting with ending

nepotism and patronage appointments.

Bilious rot. 

 

Policies need basis in fact and whether you like it or not costs money and needs credible platforms. Some professional NGO's might be on a good ticket but no reason to denigrate the product as it has effects in politico sphere, or at least should do if democracy and internationalism is to mean anything. 

 

Tearing everything down is a wasters pov, anti constructive and a non solution to problems generally ~ here 'global issues'. Comment on increasing wealth disparity first pls to make you broader sweep marginally relevant.

[elgordo38]

10 hours ago, jonw8uk said:

 

Mark Zuckerberg (facebook co-founder) is one of the 8.  He made a very successful website, I don't begrudge him the money that has brought him, nor anyone who has the ability, drive, ambition (and luck) to become a billionaire.  Seems like success is a dirty word? 

He's also pledged to give away 99% of his wealth within his lifetime - thats pretty generous I'd say.

Another point is I have never given any money to Facebook; its free. 

 

In the version I read there was a snippet I found interesting:

 

"It takes cash and assets worth $71,600 to get into the top 10%, and $744,396 to be in the top 1%."

 

I would say most TV members are at least 10%ers! 

 

 

I better go back to work I am not anywhere near there if your figures are right and the $71,600 looks like a fat finger error. Most of these moneyed people Zuckerberg and Buffett and Gates structure it this way for tax purposes. I am sure none of their offspring will go hungry. Yes Facebook is free but brings in tremendous advertising fees. I use it sparingly. I like the word free but there is no free lunch anymore.