Larry Elliott Economics editor
Sunday 17 January 2016 19.01 EST
Last modified on Monday 18 January 2016 03.25 EST
worth saying twice. This is the most inequality humankind has ever suffered. Why? Because corporations are voracious beasts. The inequality will increase.
Tell them that Bernie said, “You can’t have it all.” We the people shall stop them. ~OL
Oxfam’s prediction that the richest 1% would own the same wealth as the poorest 50% had come true a year earlier than forecast. Photograph: Valery Hache/AFP/Getty Images
Charity says only higher wages, crackdown on tax dodging and higher investment in public services can stop divide widening Oxfam’s prediction that the richest 1% would own the same wealth as the poorest 50% had come true a year earlier than forecast.
Oxfam said that the wealth of the poorest 50% dropped by 41% between 2010 and 2015, despite an increase in the global population of 400m. In the same period, the wealth of the richest 62 people increased by $500bn (£350bn) to $1.76tn.
Number of female billionaires increases sevenfold in 20 years
The charity said that, in 2010, the 388 richest people owned the same wealth as the poorest 50%. This dropped to 80 in 2014 before falling again in 2015.
This is shocking. There were so many little companies who needed good workers when I was young, in the 50s. The postwar boom lasted until 1973, when the oil embargo began.
Oxfam said a three-pronged approach was needed: a crackdown on tax dodging; higher investment in public services; and higher wages for the low paid. It said a priority should be to close down tax havens, increasingly used by rich individuals and companies to avoid paying tax and which had deprived governments of the resources needed to tackle poverty and inequality.
Three years ago, David Cameron told the WEF that the UK would spearhead a global effort to end aggressive tax avoidance in the UK and in poor countries, but Oxfam said promised measures to increase transparency in British Overseas Territories and Crown Dependencies, such as the Cayman Islands and British Virgin Islands, had not been implemented.
Goldring said: “We need to end the era of tax havens which has allowed rich individuals and multinational companies to avoid their responsibilities to society by hiding ever increasing amounts of money offshore.
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