The shocking gap between the very rich and the poor is intriguing, this is based on a new report that has shone light on the astounding reality of the wealth gap. This comes as business and political elite gather at the Swiss ski resort of Davos.
The new report has been released by Oxfam ahead of the World Economic Forum in Davos, it shows the gap that exists between the ultra-wealthy and the poorest half of the global population, the gap is breathtaking, eight men own as much wealth as 3.6 billion people. Ever since 2005, the richest 1 percent has owned more wealth than the rest of the world. The Oxfam report urges the elite to address the nagging issue as it warns that the public anger against this kind of inequality will lead to the growth of more political firestorms such as Brexit.
“From Brexit to the success of Donald Trump’s presidential campaign, a worrying rise in racism and the widespread disillusionment with mainstream politics, there are increasing signs that more and more people in rich countries are no longer willing to tolerate the status quo,” Oxfam said in its new report.
“It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day,” said Winnie Byanyima, executive director of Oxfam International, who is attending the exclusive meeting in Davos. “Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.”
Back in 2016, the Oxfam report showed that 62 people were in possession of as much wealth as the bottom half of the population. The report has been revised using the Forbes billionaires list which was published in March 2016 that shows that Bill Gates, Microsoft founder is the richest individual with a net worth of $75 billion.
The corporate lobbying and crony capitalism were slammed by the Oxfam report.
“Crony capitalism benefits the rich, the people who own and run these corporations, at the expense of the common good and of poverty reduction. It means that smaller businesses struggle to compete and ordinary people end up paying more for goods and services,” states the report.
The elite of the business and political world will discuss how to respond to the rising rejection of such inequality and the populist that has been formed by the inequality.
“Regardless of how you view Trump and his positions, his election has led to a deep, deep sense of uncertainty and that will cast a long shadow over Davos,” said Jean-Marie Guehenno, CEO of International Crisis Group, a conflict resolution think-tank.
The discussions will revolve around: How to fix the Middle Class Crisis, Politics of Fear or Rebellion of the Forgotten, The Post-EU Era, and Tolerance at the Tipping Point. Unfortunately, some of the attendees have agreed to the fact that they do not know what is causing the populist turmoil.
“There is a consensus that something huge is going on, global and in many respects unprecedented. But we don’t know what the causes are, nor how to deal with it,” Moises Naim of the Carnegie Endowment for International Peace explained.
The founder of the annual Davos meeting made a statement in which he points out that its important to listen to the populists. As a result, they decided to reach out to the populist politicians.