Latest figures on income inequality are staggering to say the least. In 2017, only 1% of the world’s population pocketed 80% of the total wealth. Oxfam International has released a detailed report on the subject.
The organization worked with World Economic Forum (WEF) and extracted information from Credit Suisse Global Wealth Data book released in November 2017. The project used Forbes’ billionaires list to calculate wealth estimates and produced the following astonishing facts:
Oxfam International is a charitable organization to end monetary injustice. Executive Director Mrs Winnie Byanyima declares that the current economic system is not of growth, but of failure. The rich are growing richer and the poor are growing poorer. It is what the report co-author called “[money] being concentrated in fewer hands”. This is known as the Gatsby curve. It is the death of any economy.
Byanyima recommend minimum wage laws and preventing tax evasion from ‘the billionaire bonanza’.
The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods and swell the profits of corporations and billionaire investors.
Oxfam is concerned about the status of women in economy. Income inequality is more prominent on the subject of female workers. Women are offered the lowest paid and least secure forms of work.
Byanyima criticized US President Donald Trump for creating a ‘cabinet of billionaires’.
She calls for governments and legal agencies to focus on worker rights.