Increasing inequality in the World

rkrishnay

Friends,

Are we aware of the following facts;


Last year saw the biggest increase in billionaires in history, one more every two days. This huge increase could have ended global extreme poverty seven times over. 82% of all wealth created in the last year went to the top 1%, and nothing went to the bottom 50%. Dangerous, poorly paid work for the many is supporting extreme wealth for the few. Women are in the worst work, and almost all the super-rich are men.


It should not surprise us, or shock us, when Oxfam calculates that the richest 1 per cent of the world and, in fact, the richest eight persons in the world now own more wealth than the poorest half of the world population combined. In 1992, it was an intensely divided and unequal world. In 2018, it is even more divided and so even more angry —and remember it is younger and so, more anxious for opportunities. .

• The number of billionaires increased by an unprecedented rate of one every two days in the 12 months between March 2016 and March 2017. Billionaire wealth has risen by an average of 13 percent a year since 2010 – six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2 percent.
• It takes just four days for a CEO from one of the top five global fashion brands to earn what a Bangladeshi garment worker will earn in her entire lifetime. In the US, it takes slightly over one working day for a CEO to earn what an ordinary worker makes in a year.
• It would cost $2.2 billion a year to increase the wages of all 2.5 million Vietnamese garment workers to a living wage. This is about a third of the amount paid out to wealthy shareholders by the top 5 companies in the garment sector last year.
  

Oxfam’s report outlines the key factors driving up rewards for shareholders and corporate bosses at the expense of workers’ pay and conditions. These include the erosion of workers’ rights; the excessive influence of big business over government policy-making; and the relentless corporate drive to minimize costs in order to maximize returns to shareholders.

India added 17 new billionaires last year, raising the number to 101 billionaires. Indian billionaires’ wealth increased by INR 4891 billion —from INR 15,778 billion to over INR 20,676 billion.

sks

Yes bro the situation shown is absolutely horrible.

I think the problem is not rich getting richer, in stead the problem is poor is getting poorer. More like the rich is not letting the poor to overcome the poverty in stead they are leaving no stone unturned to ensure the situation remains dusty & uncontrollable, for example western developed countries supply ammunation to both the parties in a war or conflict to increase its own revenue (but claim they are ready to die for peace). While the money of the countries could simply have been used in schools or hospitals, that becomes wasted in ammunation.

CaptSandy

Good read

Ejmarathe

This is very serious issue and will lead to class conflicts.

Slit69

Completely agree, and feel this is one of our most pressing issues nationally and globally - the increasing disparity between the 'haves' and the 'have nots'. History has consistently shown that at some point the 'have nots' feel conflict is their only option, and their life is so miserable they are willing to put their life at risk to drive change.

soothsayer

one of the unwelcome fallouts of globalisation, inequality in wealth will continue to present very serious issues which go beyond the class divide- flight of capital from underdeveloped economies , make undeveloped nation currencies vulnerable leading also rise in sovereign debts and country bailouts, money laundering and creation of new tax and wealth havens

parivijesh100

Phenomenon of richer getting richer is common in entire world even in communist country except say Sweden where in social security plays a fomidable role. Richer people invariably control the direction of finance set up by politicians of their country & they invest to build up more money.

Sreedivi

The poor will suffer..