Richest 1% will own more than all the rest by 2016

Normally, Wealth: Having it all and wanting more, a recent report from Oxfam International, would be noted below in HOTSTUFF, which points to other people’s work.  But this report (see the press release) deserves to be above the fold.

Here’s how it goes:

Global wealth is becoming increasing concentrated among a small wealthy elite. Data from Credit Suisse shows that since 2010, the richest 1% of adults in the world have been increasing their share of total global wealth.

In 2014, the richest 1% of people in the world owned 48% of global wealth, leaving just 52% to be shared between the other 99% of adults on the planet. Almost all of that 52% is owned by those included in the richest 20%, leaving just 5.5% for the remaining 80% of people in the world. If this trend continues of an increasing wealth share to the richest, the top 1% will have more wealth than the remaining 99% of people in just two years, as shown in the figure below, with the wealth share of the top 1% exceeding 50% by 2016.

Share of global wealth of the top 1% and bottom 99% respectively; the dashed lines project the 2010–2014 trend. By 2016, the top 1% will have more than 50% of total global wealth.

What to do? Oxfam makes the following suggestions:

Clamp down on tax dodging by corporations and rich individuals

Invest in universal, free public services such as health and education

Share the tax burden fairly, shifting taxation from labour and consumption towards    capital and wealth

Introduce minimum wages and move towards a living wage for all workers

Introduce equal pay legislation and promote economic policies to give women a fair deal

Ensure adequate safety-nets for the poorest, including a minimum income guarantee

Agree a global goal to tackle inequality

Would it be enough?  Nope.  Would it be a start?  Yep.  Have we got a chance of stabilizing the climate system (let alone the ecosystem) if we don’t think at least this big?   Nope.


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