According to the new Oxfam report for the year 2017, for every $10 generated, $8 went to the pockets of the World’s richest. The report also estimates that 50% of the population saw no increase in their wealth during the previous year. The trend shows that the economy is designed to favour the rich, at the cost of the low-economic bracket.
Executive Director of Oxfam International, Winnie Byanyima, says that this is a sign of failing economy.
“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” (CNN Money)
The head further argued that people who “make our clothes, assemble our phones and grow our food” are being manipulated and exploited to add to the wealth of big established corporations, while the poor remain poor.
The report also highlights the gender inequality, as more land, shares and property is owned by men as compared to women. Byanyima added that it is time for the world’s elite to stop ‘talking’ about global inequality and actually start doing something about it.
Read The Detailed Report HERE
“It’s hard to find a political or business leader who doesn’t say they are worried about inequality. It’s even harder to find one who is doing something about it,” said Byanyima. (Source: CNN)
She said that instead of doing something, most of the wealthy are actually facilitating the inequality by slashing taxes and scrapping labour rights.
Oxfam insisted that governments should focus on fair distribution of wealth. Governments need to focus on tackling tax avoidance and putting limitations on shareholder returns. They concluded that it can be done by introducing a living wage, supporting labour unions and curbing gender discrimination. They proposed that effective tax policies should be implemented to reduce extreme wealth.
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