PARIS: The world’s richest one percent raked in 82 percent of the wealthcreated last year while the poorest half of the population received none,Oxfam said Monday, as the world’s elite prepared to mingle at the WorldEconomic Forum in Davos.
A new report from the charity also found that the wealth of billionaireshas grown six times faster than that of ordinary workers since 2010, withanother billionaire minted every two days between March 2016 and March 2017.
Oxfam used its findings to paint a picture of a global economy in which thewealthy few amass ever-greater fortunes while hundreds of millions ofpeople are “struggling to survive on poverty pay”.
“The billionaire boom is not a sign of a thriving economy but a symptom ofa failing economic system,” Oxfam executive director Winnie Byanyima saidin a statement.
Oxfam also emphasised the plight of women workers, who “consistently earnless than men” and often have the lowest paid, least secure jobs. Nine outof 10 billionaires are men, it added.
The report, titled “Reward Work, not Wealth”, used data from Credit Suisseto compare the returns of top executives and shareholders to that ofordinary workers.
It found that chief executives of the top five global fashion brands madein just four days what garment workers in Bangladesh earn over a lifetime.
“The people who make our clothes, assemble our phones and grow our food arebeing exploited to ensure a steady supply of cheap goods, and swell theprofits of corporations and billionaire investors,”said Byanyima.
To fight rising inequality, Oxfam called on governments to limit thereturns of shareholders and top executives, close the gender pay gap,crackdown on tax avoidance and increase spending on healthcare andeducation.
The study was released on the eve of top political and business figuresmeeting at a luxury Swiss ski resort for the annual World Economic Forum,which this year says it will focus on how to create “a shared future in afractured world”.
“It’s hard to find a political or business leader who doesn’t say they areworried about inequality,” said Byanyima.
“It’s even harder to find one who is doing something about it. Many areactively making things worse by slashing taxes and scrapping labour rights.”