Oxfam blasts world’s elite for inequality
Print Edition
The world’s elite have rigged laws in their own favor undermining democracy and creating a chasm of inequality across the globe, charity Oxfam said in advance of the annual get-together of the world’s most powerful at Davos.
Inequality has run so out of control that the 85 richest people on the planet “own the wealth of half the world’s population,” Oxfam said in an introduction to a new report on widening disparities between the rich and poor.
The report exposes the “pernicious impact” of growing inequality that helps “the richest undermine democratic processes and drive policies that promote their interests at the expense of everyone else,” the statement said.
Inequality has recently emerged as a major concern in countries around the world, with US President Obama prioritizing a push to narrow the wealth gap in his second term.
China has cracked down on the elite perks and privileges, and Germany is set to adopt a minimum wage.
The World Economic Forum, which organizes the Davos talkfest, warned last week that the growing gulf between the rich and the poor represents the biggest global risk in 2014.
“The chronic gap between the incomes of the richest and poorest citizens is seen as the risk that is most likely to cause serious damage globally in the coming decade,” the WEF said.
In the report, Oxfam said: “Since the late 1970s, tax rates for the richest have fallen in 29 of the 30 countries for which data are available.”
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