Shelbyville Daily Union

Community News Network

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
Community News Network
  • The Simpsons still going strong

    The groundbreaking animation first hit the air Dec. 17, 1989, but the family first appeared on television in "The Tracey Ullman Show" short "Good Night" on April 19, 1987.

    August 21, 2014

  • Police chief resigns over racial slur repost to Facebook

    A repost on his personal Facebook page of a racially-charged comment by the original poster of a comedy video has forced the police chief of an Oklahoma city to resign his office.

    August 21, 2014

  • Does Twitter need a censor?

    Twitter decided last year to make images more prominent on its site. Now, the social network is finding itself caught between being an open forum and patrolling for inappropriate content.

    August 21, 2014

  • sleepchart.jpg America’s sleep-deprived cities

    Americans might run on sleep, but those living in the country's largest cities don't appear to run on much.

    August 20, 2014 1 Photo

  • Who should pay for your kids ACT?

    Thirteen states paid for 11th-grade students in all public high schools to take the ACT college admission test this year, with several more planning to join them in 2015.

    August 20, 2014

  • Pets.jpg Why do people look like their pets?

    As much as we might quibble over the virtues and vices of Canis domesticus, however, and over whether human nature is any better or worse than dog nature, even dog fanciers don't usually want to look like a dog.

    August 20, 2014 1 Photo

  • Ice bucket challenge trending up

    Internet trends are a dime a dozen these days. Everything from Tebowing to planking to the cinnamon challenge can cause a wave of social media activity that can last for weeks before fizzling out.

    August 19, 2014

  • Africa goes medieval in its fight against Ebola

    As the Ebola epidemic claims new victims at an ever-increasing rate, African governments in Sierra Leone, Guinea and Liberia have instituted a "cordon sanitaire," deploying troops to forcibly isolate the inhabitants in an area containing most of the cases.

    August 18, 2014

  • Democrat? Republican? There's an app for that

    If you're a Republican, you might want to think twice before buying Lipton Iced Tea, and forget about Starbucks coffee. If you're a Democrat, put down that Reese's Peanut Butter Cup, and throw away the cylinder of Quaker Oats in your pantry.

    August 18, 2014

  • Five myths about presidential vacations

    In the nuclear age, presidents may have only minutes to make a decision that could affect the entire world. They don't so much leave the White House as they take a miniature version of it with them wherever they go.

    August 15, 2014

Featured Ads
AP Video
Tit for Tat? McDonald's Shuttered in Moscow Life on the Professional Video Game Circuit TX Gov Perry in Washington: 'Confident' in Case Hospital Releases Two Missionaries Who Had Ebola Ramen Health Risks: The Dark Side of the Noodle NYC Doctor-in-chief Seeks Community Approach Indonesian Police Fire Tear Gas at Protesters Raw: Shots Fired in Liberian Shantytown DOJ, Bank of America Reach Record Settlement Raw: Cubavision Airs Images of Fidel Castro Raw: Grief After Deadly Airstrikes in Gaza Officer Who Pointed Gun at Protesters Suspended Kathy Griffin Challenges Minaj to 'a Booty Off' Johnson: Six Arrests, No Tear Gas in Ferguson Raw: Rescue, Relief Efforts at Japan Landslide Cadavers, a Teen, and a Medical School Dream California Drought Stings Honeybees, Beekeepers Officer Who Pointed Gun at Protesters Suspended US Mission to Rescue Hostages in Syria Failed
Poll

Should the minimum wage for workers be raised in Illinois?

Yes
No
     View Results
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium