‘No society can sustain this kind of rising inequality. In fact, there is no example in human history where wealth accumulated like this and the pitchforks didn’t eventually come out.’Now, what did that Oxfam report say?
- the pitchforks are coming ... for us Plutocrats
- Since 2015, the richest 1% has owned more wealth than the rest of the planet.
- Eight men now own the same amount of wealth as the poorest half of the world.
- Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people.
- The incomes of the poorest 10% of people increased by less than $3 a year between 1988 and 2011, while the incomes of the richest 1% increased 182 times as much.
- A FTSE-100 (Financial Times Stock Exchange 100) CEO earns as much in a year as 10,000 people in working in garment factories in Bangladesh.
- In the US, new research by economist Thomas Piketty shows that over the last 30 years the growth in the incomes of the bottom 50% has been zero, whereas incomes of the top 1% have grown 300%.
- In Vietnam, the country’s richest man earns more in a day than the poorest person earns in 10 years.
PREVIOUS BLOGS ON THIS TOPIC
Oxfam report: AN ECONOMY FOR THE 1%
the strengths and weaknesses of capitalism
Land of the Free, Home of the Poor