The “1%” Are These Eight People with this much money

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The economic gap is worse than previously thought.

From the 1950s it could be guessed that the boy Carlos Slim would one day be an agile man with business when he saw how he resold the sweets from his father’s store to other children. No one could guess, however, that child Slim along with seven others would concentrate in 2017 the same money as the poorest half of the world’s population.

7 out of 10 people live in a country where inequality has increased in the last 30 years

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In the face of the World Economic Forum in Davos, Oxfam International has revealed brutal data on the distribution of wealth in the world: Bill Gates, Amancio Ortega, Warren Buffett, Jeff Bezos, Mark Zuckerberg, Larry Ellison, Michael Bloomberg and Carlos Slim Are billionaires who together have the same as 3.6 billion people.

In general, the growth of inequality has become more pronounced in recent decades. Seven out of ten people live in a country where inequality has increased in the last 30 years. According to Oxfam, between 1988 and 2011, the income of the poorest 10% of the world’s population increased by only $ 65 a year, while those of the richest 1% increased by $ 11,800 each year.

 

How is inequality fed?

The report An economy for 99% reveals some of the causes of global inequality intimately linked to economics and politics:

  • The wage gap between the executives of a large company and the workers in the last links of the production chain.
  • The reduction in the capacity of collective bargaining among workers and the increase of temporary jobs that do not have any type of organized union that fights for the improvements in the working conditions.
  • Gender disparity does not allow women to join regulated jobs and, although they manage to enter the formal labor market, earn between 31 and 75% less than their male counterparts.
  • Tax evasion and avoidance by large companies that can even compete to different tax systems of two governments to see which offers the best tax arrangements to benefit the profitability of companies.
  • “Quarterly Capitalism” refers to the power of investors in business councils seeking short-term results and benefits with costs to employees, consumers and the environment.
  • The “clientele capitalism” that allows big companies to use their power and influence so that the laws of countries rich in raw materials or market are designed to their measure, with the aim of protecting their interests and their profitability.

The organization estimates that the rapid accumulation of wealth in a few hands could give the first billionaire of humanity, a person who still spending a million dollars a day would have to live 2,738 years to liquidate his fortune.

The report will be presented to the world’s political and economic leaders by Winnie Byanyima, executive director of Oxfam International at the World Economic Forum in Davos, which will begin on January 17.

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