Surprise, Surprise – Half of Global Wealth Held by the 1%

 Inequality - Oxfam Rpt
Read this: According to Larry Elliott in theguardian, the “New Oxfam Report says half the global wealth is held by the 1%”.  A few of the take-outs from this report:
  • “Winnie Byanyima, executive director of Oxfam International and one of the six co-chairs at this year’s WEF, said the increased concentration of wealth seen since the deep recession of 2008-09 was dangerous and needed to be reversed.”
  • “‘The message is that rising inequality is dangerous. It’s bad for growth and it’s bad for governance. We see a concentration of wealth capturing power and leaving ordinary people voiceless and their interests uncared for.’”
  • “Pope Francis and the IMF managing director Christine Lagarde have been among those warning that rising inequality will damage the world economy if left unchecked”
  • Obama will speak to this during his State of the Union speach on 01-20-15
  • “More than a third of the 1,645 billionaires listed by Forbes inherited some or all of their riches, while 20% have interests in the financial and insurance sectors, a group which saw their cash wealth increase by 11% in the 12 months to March 2014.”
 

 

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