Apparently, 62:4,000,000,000.
This week Oxfam released a report that contained the startling statistic that the 62 wealthiest people on this planet have a combined wealth equivalent to the poorest 4 billion.
Scarier still, that wealth is getting more and more concentrated: in 2010 388 people had the combined wealth of the poorest 4 billion. What happened to the poor 322 who fell off that list? they are likely licking their hurt feelings on a yacht somewhere...
If you don't find those numbers scary, well this isn't the post for you... :-)
What exactly does this mean? Well it tells me that we have a lot of individuals whose personal net worth is the equivalent to many countries' GDP.
It also tells me that many of us are making these rich people even richer. The richest on the list is CEO of the luxury brand that makes your favourite Louis Vuittons and other over-priced items coveted by many (though many say the quality isn't what it used to be - I wouldn't know).
It's hard to imagine needing that many billions. I mean, surely 1 billion is plenty enough for the average person. Perhaps the other billions might be shared to raise the quality of life for the other 4,000,000?
And really, once you have that much money, you are, in effect, a person-state yourself. No need for you to vote; you are probably able to buy whatever political favours might be required for your particular business.
What is most disturbing, apart from this obscenity of wealth, is that the wealth of the poorest 4,000,000 actually dropped by 41% from 2010 to today. Thus the rich truly are getting richer and the poor? Well things were horrific before and they're getting hellish now.
Unlike we taxpayers, many of these wealthy individuals have their money in off-shore accounts, perfect tax dodges. Imagine what some of that money REALLY circulating could do.
Research has shown that every increase in the minimum wage or welfare rates has a direct and positive impact on our economy. Every time we lift someone out of poverty we reduce child abuse, spousal abuse, we improve mental and physical health, and we make our communities safer.
Some of these billionaires are giving it all away - hello Bill Gates, Warren Buffet, Mark Zuckerberg - but not enough. And it is clear that those who are doing so are making a tremendous difference.
This can't go on forever. The history of this planet is people getting fed up and doing something when things get too out of balance. We all have a responsibility towards our fellow man.
And yes, if you're wondering, this has helped me keep my "no shopping" for awhile vow very easily. :0(
It's worth reading about. And it's important. It effects us all, even if we don't realize it!
And yes, I promise next topic will be much lighter, but this was too important not to talk about.
That made big news here too but it was interesting to discuss the topic here with neighbours friends and on social media. In the UK some of my friends who are royalists/monarchists thought while it was a disgrace they equally don't apply that standard to the queen. So it's an odd topic over here unless one is hardcore labour and anti royalist. I think there's always an inequality issue and while I have no problem with wealth I just don't understand why there needs to be starving people in this day and age. They can keep their yachts etc but it pains me to think of suffering out there from lack of funds
ReplyDeletePs have you seen living on a dollar? It's a doco on Netflix
DeleteUnfortunately, in some cases is not because of a lack of funds that people are starving. People, and nations are generous with money but...it's getting the food off the Tarmac and into the right hands. War, corruption, politics plays a huge role.
DeleteInteresting Naomi - it does bring the republican out in one! I haven't seen living on a dollar - will go look for it!
DeleteWe just had the "Big" lottery! We won $7.00. In many cases, once one achieves a certain amount of wealth they can simply make more just in interest. I do believe in sharing the wealth, but I try not to condemn those who worked very hard...legally. I have no idea of their philanthropy and charitable giving, nor their employees wages. That is unless there is substantial gluttony. I just watched Wolf of Wall Street...wow!
ReplyDeleteAgree with you about this and your comment above, charity isn't always distributed where it's meant to go. I have no problem with people who work hard and (legally) earn a lot of money. Who's to say they're not being very charitable? If they throw in the towel and say they've earned enough, then businesses would close and people would lose jobs. When they stop earning wealth, charitable giving likely stops too.
DeleteIt is definitely a complex issue. When you read the report you discover that much goes into offshore accounts that pay interest and don't go to taxes as s the case with the rest of us. I think many of them do charitable things, and I'm all for hard work, and there are many situations where charity doesn't get to people, but I can't help but feel that we have whole economies based on structural inequalities that pay workers pennies a day to keep the costs of goods down. I'd be curious to see data on what percentage of their wealth goes to charity. Compared to the average middle class person.
DeleteYes, it has become more and more structural. My current harangue is Pharma; there seems to be an expectation that the discovery of a new drug should spawn a billionaire or two, to cover "R&D" costs. I call bullshit. The middle class is being robbed systematically by Pharma in this country. OK, I can't get my blood pressure up this early...
ReplyDeleteOh Pharma is indeed terrible!
DeleteI did see that statistic and it is getting heavy play. Definitely, the tax shelters/havens are getting their justified and long overdue time in the crosshairs. Those Foundations I'm afraid almost alwsys have an abysmal return on investment although can make for a great photo-op, give the benefactor a piece of mind and public adoration, but often these grants are wasted on Administrative costs, support political causes & friends, etc. The notorious Sidney Blumenthal a longtime political hatchet man, collected a tidy consulting fee from the Clinton Foundation, while lobbying on behalf of Oil Interests eager to get at the Libyan Oil reserves, while clandestinely directing Secretary of State Hillary Clinton who to play ball with in Libya which was her brainchild and his idea...at least in part.
ReplyDeleteBill & Chelsea made a very high profile visit to Haiti after the earthquake, set up rebuilding efforts via their Foundation and influenced who got the contracts at the State Department,,,,they were the very same people that gave to their foundation, paid Bill enormous sums in speaking fees, did deals with his cronies, etc. The Haiti relief effort the Clintons had enormous influence over and have taken lots of credit for is a cautionary tale with all these supposed good intentions going horribly wrong and empowering local bad actors and helping the most in need the least.
You have hit on something there for sure. I am more and more convinced that our countries are run by multinational corporations, who buy and sell our politicians at will Hilary is not clean at all. Am wondering about Bernie?
DeleteBernie is clean as a whistle and has been for at least 40 years. Elizabeth Warren is clean...thus far and Joe Biden was always in it for the right reasons.
DeleteMy lifelong Liberal (as in progressive) Democrat mother has switched from Hillary to Bernie...I can't bring myself to put her through the heartache of asking why.
What they said!
ReplyDeleteStartling statistics. Sobering.
ReplyDeleteI think it's quite easy to say someone on a higher rung on the ladder should do this or that but what about being the change you want to see in world. It's not so easy then. If we believe the richest should give away half their life savings away, we should lead the way. There is no rule to say the middle classes can't lead by example, after all we out number the rich. Not so easy now. I know that I could live on, be it much less comfortably in smaller house in a worse surburb, on half of what I have though I can not bring myself to give that much away. Alhough I would place myself as upper middle class financially I once met a woman from improverished part the Philippines who told me if lived in her village I would be the richest woman in the village if not the province. From her rung I look like an Arnault.
ReplyDeleteWendy disturbing statistics. The rich are getting ever so much richer. I am so grateful people like Warren Buffet and Bill Gates are pledging to help the earth by setting up foundations and giving it away. What is every billionaire or even millionaire did some of the same? So much could be done in this world. I live in an area where there is so much wealth and yet it shocks me how many are super conservative and concerned more with their taxes being raised than helping out their community or fellow man! Thanks for sharing this.
ReplyDeleteHappy belated birthday, Wendy. I remember because you share the day with my late father. Hope it was fabulous because you deserve it.
ReplyDelete