The accumulated wealth of the world’s richest 1% in 2016 will exceed that of the remaining 99%, said the non-governmental organization (NGO) Oxfam Monday, January 19 the approach of the World Economic Forum in Davos (Switzerland), calling for “rewrite the rules” to correct these inequalities “dizzying”.
Study in support, the non-governmental organization informed that “the share of global wealth held by the richest 1% rose from 44% in 2009 to 48% in 2014 and exceed 50% in 2016.”
“In 2014, members of the international elite had an average of 2.7 million per adult. The rest of the fifth (20%, ie) the richest of the population owns 46% of world heritage while 80% of the world population does share the remaining 5.5%, “said Oxfam .
” dizzying Inequalities “
Since the subprime crisis, the phenomenon has only increased. The first 80 billionaires Forbes list in 2010 had a portfolio of 1.300 billion euros. Their combined fortune rose to 1.900 billion in 2014, an increase of 50% in just four years. In parallel, the total wealth held by the poorest half of the world population has declined over the same period.
So, the fortunes of these 80 people now accounts that held by the poorest half of the world population. Since 2010, the number of billionaires needed to achieve this level of wealth has been almost fivefold.
The great fortunes benefit in particular from the surge in asset prices (particularly equities), supported in particular by the monetary policies of the major central banks around the world. In addition, “20% of billionaires Forbes list have interests and or activities in the areas of finance and insurance,” said Oxfam. Sectors that have benefited from state largesse to prevent cascading failures.
A statement already prepared by Challenges in July with the release of its ranking of the great fortunes of France. So after a 25% increase in 2012, the heritage of the first 500 French heritage professionals had swelled from 15% in 2013 to reach 390 billion euros.
The ranking of the largest fortunes in France
The Oxfam organization whose Executive Director Winnie Byanyima will co-chair the Davos forum, called “this year the organization of a global summit on taxation to rewrite international tax rules.”
“The scale of global inequality is simply staggering, “said Winnie Byanyima. “The gap between the very wealthy and the rest of the population is widening rapidly,” she said. She called on world leaders to tackle “special interests heavyweight that impede a more just and prosperous world.”
300 leaders in Davos
Oxfam has urged States to adopt a plan to fight against inequality, by countering tax evasion, promoting free public services by taxing capital more and less work, by setting minimum wages or by setting up social protection for the poor.
The World Economic Forum (WEF), which it will be the 45th edition will be held in Davos from Wednesday to Saturday. More than 300 prominent political leaders, including German Chancellor Angela Merkel, President François Hollande, the Italian leader Matteo Renzi, Chinese Premier Li Keqiang and the US Secretary of State John Kerry are expected.
Not sure if this is enough to change certain laws. Lobbying of certain industries is very powerful. In 2013, the finance sector has disbursed over $ 400 million for lobbying in Washington, according to data from the Center for Responsive Politics. The financial sector is also the one who brought the biggest contribution to parties and candidates and federal. In Europe, it spends about $ 150 million each year. A figure probably still greatly underestimated, as there is no mandatory register on these issues across the European Union.
(With AFP)
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