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Oxfam Report: Eight Have 50% of World’s Wealth

2017-01-16

 

According to a new Oxfam report summarized in the Guardian:

The world’s eight richest billionaires control the same wealth between them as the poorest half of the globe’s population, according to a charity warning of an ever-increasing and dangerous concentration of wealth.

In a report published to coincide with the start of the week-long World Economic Forum in Davos, Switzerland, Oxfam said it was “beyond grotesque” that a handful of rich men headed by the Microsoft founder Bill Gates are worth $426bn (£350bn), equivalent to the wealth of 3.6 billion people.

This is not new news, and I have written on this subject repeatedly.  Unfortunately, my audience is limited to a select few, none of whom are among this richest eight people.

The irony of this situation is that virtually all of that $426 billion is unneeded and unused by its owners.  On the other hand, the $118 that each of those 3.6 billion people might receive if that money was distributed evenly would be spent immediately for food and essential items.  The spending of that money would lift the world’s economy dramatically, not to mention the benefits that each of the poorest would obtain from that tiny windfall.

A more “modest” proposal would be to take only half of their money (they’d never miss it unless you pointed it out to them) and give it to the lower half of that 3.6 billion people–still $118 each and even more welcome to the lowest 1.8 billion people in the world.  Just think how that would revive the world’s economy and forestall that depression which is on the way.

 

 

 

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