62 People Have More Wealth than Half the World, Top 1% Have More than All of Us

62-People-Have-More-Wealth-than-Half-the-World-2Just 62 individuals now hold the same amount of wealth as 3.6 billion people, the bottom half of the entire planet — a shocking statistic made even more alarming when considering as recently as 2010, that same half of all wealth was held by 388 people.

Now, 80 billionaires collectively hold over $2 trillion, while the bottom half has lost $1 trillion of their wealth — in just five years.

A new report published Monday by Oxfam International — tellingly titled, An Economy For The 1% — reveals a number of jaw-dropping figures that illustrate the struggles resultant from such an exponential increase in the stratification of wealth. According to the study:

“The global inequality crisis is reaching new extremes. The richest 1% now have more wealth than the rest of the world combined. Power and privilege is being used to skew the economic system to increase the gap between the richest and the rest. A global network of tax havens further enables the richest individuals to hide $7.6 trillion. The fight against poverty will not be won until the inequality crisis is tackled.”

62-People-Have-More-Wealth-than-Half-the-WorldIn only five years, those 62 billionaires saw their wealth grow 44% — an increase of $542 billion — to a whopping $1.76 trillion. And, of course, the flip side of this concentration of money at the top meant “the wealth of the bottom half fell by just over a trillion dollars in the same period — a drop of 41%.” Half of all global wealth accrued just since the year 2000 ended up in the hands of the 1%, while the poorest half of the planet’s population split a meager 1% of that increase. In nearly 25 years, Oxfam further revealed, the income of the world’s poorest 10% has risen by less than a single cent per day — an increase of less than $3.00 each year.

On average, each adult belonging to the richest 1% on Earth has wealth totaling $1.7 million — a figure 300 times greater than the average held by 90% of people on the planet, “although for many people in the bottom 10 percent their wealth is zero or negative.”

See also: Dark History : Secrets of Wealthy Families

But the poverty-fighting group doesn’t stop with simply listing figures; instead, Oxfam issued a scathing explanation of how such wealth and income disparities became reality.

“Far from trickling down, income and wealth are instead being sucked upwards at an alarming rate. Once there, an ever more elaborate system of tax havens and an industry of wealth managers ensures that it stays there, far from the reach of ordinary citizens and their governments. One recent estimate is that $7.6 trillion of individual wealth — more than the combined gross domestic product (GDP) of the U.K. and Germany — is currently held offshore […]

62-People-Have-More-Wealth-than-Half-the-World-1“Economic policy changes over the past 30 years — including deregulation, privatization, financial secrecy, and globalization, especially of finance — have supercharged the age-old ability of the rich and powerful to use their position to further concentrate their wealth […]

“A powerful example of an economic system that is rigged to work in the interests of the powerful is the global spider’s web of tax havens and the industry of tax avoidance, which has blossomed over recent decades. It has been given intellectual legitimacy by the dominant market fundamentalist world view that low taxes for rich individuals and companies are necessary to spur economic growth and are somehow good news for us all. The system is maintained by a highly paid, industrious bevy of professionals in the private banking, legal, accounting, and investment industries.”

Though there exist perfectly justifiable arguments for the elimination of taxation, in the meantime, these elites and über-rich individuals — and often their corporations — exploit the system for personal benefit in a way not possible for the rest of us. By throwing money into political campaigns, think tanks, lobbying firms, and other means of influence, the ultra-wealthy retain the ability to form policy by proxy. Both dark money and overt funding pressure politicians into legislating for the few. As Jared Bernstein of the Center on Budget and Policy Priorities recently pointed out, “There’s this notion that the wealthy use their money to buy politicians; more accurately, it’s that they can buy policy, and specifically, tax policy.”

In fact, in an analysis of 200 top companies, including the World Economic Forum’s strategic partners, as well as picks from some of the world’s largest businesses, Oxfam found nine in ten “have a presence in at least one tax haven” — and with just 50 big banks managing the bulk of “offshore wealth,” havens are unbelievably lucrative. Tax avoidance, in creating strains on world governments’ ability to fund basic social programs — including those meant to aid society’s most vulnerable people — has been termed a “violation of international human rights law” by the International Bar Association.

One crucial finding in the report evidences the systemic disparity in pay between men and women around the globe — in particular, the “acceptability of paying women lower wages … cited as a key factor in increasing profitability.” Money-hungry companies avoid implementing vital fire and safety measures to eke out every possible ounce of profit. Employment of monopolies, intellectual property laws, and industry lobbyists further benefits the few at the expense of the majority.

“The current system did not come about by accident,” Oxfam’s report scolds. “[I]t is the result of deliberate policy choices, of our leaders listening to the 1% and their supporters rather than acting in the interests of the majority. It is time to reject this broken economic model.” Even further, Oxfam asserts, humanity can do better than this, we have the talent, the technology, and the imagination to build a much better world. We have the chance to build a more human economy, where the interests of the majority are put first.”

The question is, will we do it?

Find us here

Get news from the CSGLOBE in your inbox each weekday morning

The views and opinions expressed in this article are those of the authors/source and do not necessarily reflect the position of CSGLOBE or its staff.

Paid content

Could the US win World War III without using nuclear weapons?

As the US, Russia and China test each other’s patience and strategic focus, speculation about the chances of a world war has hit a new high....

Why Is Marijuana Banned? The Real Reasons Are Worse Than You Think

Across the world, more and more people are asking: Why is marijuana banned? Why are people still sent to prison for using or selling it? Most...

1500 Year Old Bible Found and Nobody Wants To Know ?

The Vatican is deeply concerned over a 1500-year-old Bible which was found in Turkey and rejects the crucifixion of Jesus Christ. If this is true...

What's New Today

Georgia House Votes To Allow Citizens To Abolish Police Departments In The State

The Georgia House backed an effort on Friday to dissolve the Glynn County Police Department and any...

Leaked CDC document contradicts Pence claim that U.S. coronavirus cases ‘have stabilized’

Even as Vice President Mike Pence wrote in a Wall Street Journal op-ed published Tuesday that coronavirus...

Five bombshells about Trump from Bolton ‘s book

Excerpts from former national security adviser John Bolton ’s book about his time in the Trump administration...

Don’t Listen to Fox. Here’s What’s Really Going On in Seattle’s Protest Zone.

It seems I live in a city undergoing a “totalitarian takeover” that will lead to “fascist outcomes”...

MOST READ

What Is Agenda 21? Depopulation of 95% of the World By 2030

Most people are unaware that one of the greatest threats to their freedom may be a United Nations program which plans to depopulate 95%...

Georgia House Votes To Allow Citizens To Abolish Police Departments In The State

The Georgia House backed an effort on Friday to dissolve the Glynn County Police Department and any...

Don’t Listen to Fox. Here’s What’s Really Going On in Seattle’s Protest Zone.

It seems I live in a city undergoing a “totalitarian takeover” that will lead to “fascist outcomes”...

Could the US win World War III without using nuclear weapons?

As the US, Russia and China test each other’s patience and strategic focus, speculation about the chances of a world war has hit a new high....

DARPA to Genetically Engineer Humans by Adding a 47th Chromosome

In that 1997 film, society is structured around eugenics as people are bioengineered to be ‘perfect specimens’, and one’s entire life and position in...

Society Controls Us

Society controls us. To state this sounds fairly obvious but there’s more to this than meets the eye. On one level we could say that...

The Effects Of Negative Emotions On Our Health

Humans experience an array of emotions, anything from happiness, to sadness to extreme joy and depression. Each one of these emotions creates a different...

Devil’s Punchbowl – An American Concentration Camp So Horrific It was Erased from History

Say the words concentration camps, and most will surmise the topic surrounds World War II and the Nazis; but the hard labor, constant threat...

EEA report: Europe highest recycling rates

Highest recycling rates in Austria and Germany – but UK and Ireland show fastest increase Austria, Germany and Belgium recycled the largest proportion of...

Indian State of Goa to Pay Farmers to Go 100% Organic

Sikkim, located in the Himalayan mountains, along Nepal and China’s Tibet Autonomous Region, announced that it had become India’s first independently certified organic state...

The Largest Plastic Bottles Structure In The World

World’s Largest Plastic Bottle Structure Draws Attention to Global Plastic Pollution Crisis After a flood created a dam where one could cross the Nera River...