The Rich Get Richer and The Poor Get Poorer:World’s Richest 26 People Now Wealthier Than Poorest 3.8 Billion

In 2018, the rich get richer and the poor get poorer.

A report by Oxfam international, a non-governmental organization for development and relief, found that: At present, the world’s richest 26 billionaires have as much wealth as the world’s poorest 3.8 billion people, and the latter accounts for about half of the world’s total population. In 2017, the top 43 countries in the world were able to reach this level, compared with 61 in 2016.

The report also found that the number of billionaires had almost doubled in 10 years since the financial crisis. From 2017 to 2018,  there will be a new billionaire every two days.

Oxfam also calculated that in 2018, the total wealth of more than 2,200 global entrepreneurs increased by $900 billion, equivalent to $2.5 billion a day. In sharp contrast, the total wealth of the 3.8 billion underclass decreased by 11%.

For Oxfam, this is enough to call for a worldwide wealth tax of 1%. The widening gap between the rich and the poor has hindered the fight against poverty, the charity said.

If a wealth tax of 1% is levied, it is expected to raise $418 billion a year. The money should be reused for out-of-school children and health care, which could save 3.3 million lives.

Of course, some entrepreneurs have been engaged in charity. Including Buffett and Bill Gates, who donated some money to eradicate poverty. But others seem unconcerned about the world’s increasingly worrying future, as Oxfam’s report notes Beizuosi, Amazon’s chief executive. Beizuosi is currently the world’s rechest people, with an estimated $112 billion in wealth.

Earlier this year, Beizuosi announced his divorce from his wife, Bezos, who had been married for 25 years. But neither Beizuosi nor Amazon officials have taken a stand on how the two will distribute huge property, and it is unclear whether they have had a prenuptial agreement. The market expects that Genzi Bezos will eventually acquire a significant share of Amazon.

Although some of Beizuosi’s moves may excite space lovers, they also provoke anger and reinforce the reason for taxing the rich. Bezos’s 1 percent wealth is equivalent to the entire health budget of Ethiopia’s 105 million people, according to Oxfam.

Oxfam also said that the richest people did not pay back to society, and they paid less and less.

“In developed countries, the highest average personal income tax rate fell from 62% in 1970 to 38% in 2013, while in developed countries the average was 28%.”

Matthew Spencer, director of Oxfam’s director and policy office, said:

“The sharp decline in the number of people living in extreme poverty is one of the major achievements of the past 25 years, but the widening gap between the rich and the poor is hampering this progress,” he said. He said that while wealth is increasingly concentrated in the hands of a few privileged people, millions of people are barely able to survive. Women die because of lack of proper productive care, and children are denied access to education, which may be the way out of poverty.”

“There is enough wealth in the world to provide everyone with a fair chance to live,” he said. Governments should take action to ensure that high quality public services are provided with tax revenues, thereby saving and changing people’s lives.

Oxfam also called on governments to address more general public service problems and to impose taxes on businesses that tax too low or directly tax avoidance.

French economist Francesco pikety, who has long advocated a global wealth tax, said it would help to curb the widening gap between the rich and the poor.

From 1980 to 2016, the poorest 50% people received only 12 cents per dollar of global income growth.By contrast, the top 1% rich get 27 cents.

Be the first to comment

Leave a Reply

Your email address will not be published.