The world’s 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says

[ASKardar]

https://www.facebook.com/

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed.

In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality.

The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference.

“If everyone were to sit on their wealth piled up in $100 bills, most of humanity would be sitting on the floor,” its authors said.

“A middle-class person in a rich country would be sitting at the height of a chair. The world’s two richest men would be sitting in outer space.”

Oxfam’s report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.

‘Failing economic system’

Oxfam urged policymakers to increase taxes on the world’s wealthiest by 0.5% over the next decade in a bid to reduce wealth inequality. A 0.5% increase in taxes on the wealthy would generate enough funding to create 117 million jobs in sectors like education and health, according to the researchers.

Other suggestions made by Oxfam to help mitigate inequality included investing in national care systems, challenging sexism, introducing laws to protect carers’ rights, and ending extreme wealth.

“Extreme wealth is a sign of a failing economic system,” the report said. “Governments must take steps to radically reduce the gap between the rich and the rest of society and prioritize the wellbeing of all citizens over unsustainable growth and profit.”

The call for a tax overhaul reinforces the charity’s message ahead of last year’s WEF summit, when Oxfam urged governments to hike tax rates for corporations and society’s richest to reduce wealth disparity.

Earlier this month, International Monetary Fund Managing Director Kristalina Georgieva called on policymakers to rethink their tax systems and consider “progressive taxation” that would increase levies on society’s richest to tackle wealth inequality.

Democratic presidential hopeful Elizabeth Warren has vowed to implement a wealth tax in the U.S. if elected, which has divided opinion among American billionaires.

SOURCE: https://www.cnbc.com/2020/01/20/oxf...r-than-a-combined-4point6-billion-people.html

 

[vostok]

Capitalism sucks.

 

[FuturePAF]

This is why in Islam, we have Zakat, a wealth Tax, which would even out some of this inequality. If only the 500 Richest of these billionaires (total wealth ~$6 Trillion) paid Zakat; it would be $150 Billion alone. The other 1600 Billionaires own a further $3 trillion. Zakat is the only realistic and fair solution to this kind of inequality. If the rich earned their money honestly. they should keep it, except the amount in tax necessary to keep society moving in a productive manner. This is a reason why, after all the exploitation people like Carnegie did in his life, he gave away his fortune, built libraries, and is now known as a great philanthropist, rather then a ruthless steel mill owner. This is also why Bill Gates and Warren Buffet are respected and not just envied by those in the know. Ultimately, earning social capital is a smart move some of these billionaires have learned and others haven't.

https://www.bloomberg.com/news/arti...ain-1-2-trillion-as-kylie-baby-sharks-prosper

While Zakat is an Islamic concept, Elizabeth Warren seems to have adopted it in all but name and brought it into mainstream conversation; "2 cent wealth tax"
https://elizabethwarren.com/plans/ultra-millionaire-tax

 

[Hamartia Antidote]

https://www.facebook.com/

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed.

In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality.

The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference.

“If everyone were to sit on their wealth piled up in $100 bills, most of humanity would be sitting on the floor,” its authors said.

“A middle-class person in a rich country would be sitting at the height of a chair. The world’s two richest men would be sitting in outer space.”

Oxfam’s report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.

‘Failing economic system’

Oxfam urged policymakers to increase taxes on the world’s wealthiest by 0.5% over the next decade in a bid to reduce wealth inequality. A 0.5% increase in taxes on the wealthy would generate enough funding to create 117 million jobs in sectors like education and health, according to the researchers.

Other suggestions made by Oxfam to help mitigate inequality included investing in national care systems, challenging sexism, introducing laws to protect carers’ rights, and ending extreme wealth.

“Extreme wealth is a sign of a failing economic system,” the report said. “Governments must take steps to radically reduce the gap between the rich and the rest of society and prioritize the wellbeing of all citizens over unsustainable growth and profit.”

The call for a tax overhaul reinforces the charity’s message ahead of last year’s WEF summit, when Oxfam urged governments to hike tax rates for corporations and society’s richest to reduce wealth disparity.

Earlier this month, International Monetary Fund Managing Director Kristalina Georgieva called on policymakers to rethink their tax systems and consider “progressive taxation” that would increase levies on society’s richest to tackle wealth inequality.

Democratic presidential hopeful Elizabeth Warren has vowed to implement a wealth tax in the U.S. if elected, which has divided opinion among American billionaires.

SOURCE: https://www.cnbc.com/2020/01/20/oxf...r-than-a-combined-4point6-billion-people.html

Well it's not an easy answer. An alternative is have those billionaires close their businesses, fire all their employees, toss that tall stack of 100s into a furnace, and be like everybody else.

Unfortunately that doesn't solve anything..the sun doesn't shine any brighter...so I'm a bit hesitant to jump on the blame the rich people bandwagon.

 

[PeaceGen]

Well it's not an easy answer. An alternative is have those billionaires close their businesses, fire all their employees, toss that tall stack of 100s into a furnace, and be like everybody else.

Unfortunately that doesn't solve anything..the sun doesn't shine any brighter...so I'm a bit hesitant to jump on the blame the rich people bandwagon.

that's a very weak set of arguments you display here, bro.

 

[cloud4000]

Much of these billionaire's wealth exists only on paper, meaning it's just a number. Here today...gone tomorrow. Bill Gates is only worth billions but doesn't necessarily have those billions. A distinction needs to be made between paper wealth and liquid wealth.