Jan 23, 2017
The NGO Oxfam put out a report on social inequality for the Davos summit, when the cream of world finance and politics meets in Switzerland every year. According to this report, the fortunes of the eight richest people in the world are worth more than all the wealth owned by the poorest half of humanity – that is, 3.6 billion people.
The same organization using the same methods calculated that in 2016, it took the wealth of 62 people to get the same result!
It is clear that in the last year, either the fortunes of the richest people have grown enormously, or the wealth in the hands of the poorest half of humanity has gone down by a lot. And most likely, both are happening at the same time.
We can see this clearly in the United States. As of 2012, the wealthiest one percent of families owned 42 percent of U.S. wealth. The bottom NINETY percent had about half as much, 22.8 percent. And that gap has been growing for thirty years.
This monstrous capitalist system concentrates wealth at the top and poverty at the bottom. It is long past time to get rid of it!