Facts about poverty and increasing income gaps:
*Oxfam reported in “An Economy for the 1%” (2016) that the richest 62 people have the same wealth as the poorest half of the global population—only nine of the richest 62 are women but women are the majority of the low-paid workers. The gap has gotten worse rather than better, the rich getting richer while the wealth of the bottom half dropped 41% from 2010 to 2015. Oxfam estimates that around $7.6 billion avoids taxation in offshore accounts so that fair taxes could help alleviate world poverty.
* Seven out of 10 of us live in countries where the gap between the rich and poor has increased over the last three decades. The $240 billion earned by the worlds’ top 100 billionaires in 2012 would end world poverty, mainly suffered by women and children in the “feminization of poverty.”
*UNICEF reports that the richest 20% of the world’s population controls 83% of its income, while the poorest 20% control just 1%. The richest 1% control 70% of the private financial wealth.
*Only 0.15% of the world’s population controls $42 trillion dollars or two-thirds of world GDP and 0.001% control a third of the total.
*The 147 “super corporations” own 40% of the world’s wealth.
*About half of the world’s population lives in poverty, on less than $2 a day. *Government debts have jumped to more than $100 trillion.” The Dutch editor of ROAR Magazine warns that another financial crisis is inevitable because global debt in 2013 was 212% of output, up from 180% in 2008 when the recent crash occurred.
*Extreme poverty without access to good education or health care.
Extreme poverty was cut in half from 1990 to 22% of people in developing countries living on less than $1.25 a day in 2010, according to the Millennium Development goals report of 2014. Although poverty was cut in half, 71% of the world’s population lives on $10 a day or less.
*The Gini Coefficent, used for over a century, measures income inequality. Total equality is a 0 and 100 indicates one person owns all the wealth. The lowest and best scores are for Scandinavians, with Denmark at 24.70, while the US is 40.81 and China is 42.06.
*The emerging middle classes in China, India, Indonesia and Brazil are making gains, while Africans, some Latin Americans, and countries of the former USSR are losing out. The gap between the rich and poor is widening throughout the Western world, even in Scandinavia.
Lauren McCauley, “New Extreme in Inequality Crisis as 62 People Own as Much as Poorest Half, Common Dreams, January 18, 2016.
Chris Hufstader, “An End to Extreme Inequality,” OXFAM Closeup, Winter 2015, p. 3.
Pat Garofalo, “China’s Richest 1 Percent hold 70 Percent of their Nation’s Private Wealth,” Think Progress, August 17, 2012.
“State of Power 2013,” Transnational Institute, January 23, 2013.
Graham Peebles, “Sharing: The Common-Sense Solution,” Counter Currents, April 19, 2014.
Christina Sarich, “The Government Debt Binge on a Fiat System,” Nation of Change, March 13, 2014.
Jerome Roos, “The Next Financial Crisis May be Just Around the Corner,” ROAR Magazine, October 20, 2014.
Rakesh Kochhar, “6 Key Takeaways About the World’s Emerging Middle Class,” Pew Research Center, July 8, 2015.
Gini Index by Country, May 20, 2014.
Joseph Stiglitz, “Inequality is a Choice,” New York Times, October 13, 2013.