Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report from Oxfam as political and business leaders meet in Davos.
Oxfam’s report entitled “An economy for the 99 percent” shows the gap between rich and poor is far greater than had been feared. It claims big business and the super rich are making inequality worse by dodging taxes, driving down wages and using their power to influence politics. It calls for a fundamental change in the way we manage our economies.
The report argues income inequality is undermining democracy and fuelling the anger that led to Donald Trump’s election as U.S. President and the Brexit vote in Britain.
It estimates corporate tax dodging costs poor countries at least $100 billion every year. That would be enough money to provide an education for the 124 million children who aren’t in school and fund healthcare that could prevent the deaths of at least six million children every year.
