Fighting Fund: Poor pay for rich to get richer

By 2014, the wealth of just 80 billionaires was equal to that of the bottom 50% of the world.

A study conducted by Oxfam and released on January 19 highlighted the widening gap between rich and poor, showing that by 2017 the world’s richest 1% would own more than half of the world’s wealth.

The study, titled Wealth: Having it all and wanting more, was released to coincide with the World Economic Forum (WEF) in Davos. It analysed data from Credit Suisse and Forbes about the makeup of the 1% and the global distribution of wealth.

The study showed that, globally, wealth is being concentrated in the hands of fewer and fewer people. In 2010 388 billionaires collectively owned the same amount of wealth as the bottom 50% of the world population.

By 2014, the wealth of just 80 billionaires was equal to that of the bottom 50%. Since 2010 the wealth of those 80 billionaires has increased by more than $600 billion and in the same time the wealth of the bottom 50% dropped by $750 billion.

While playing lip services to combating poverty, it is the global transfer of wealth from the poor to the rick that the WEF seeks to entrench.

Here at Green Left Weekly we try to cover the side of the story that rarely gets a mention in the mainstream press — about people fighting back and resisting neoliberal global power. An example is our coverage of the elections in Greece, which you can follow on our website.

The corporate media coverage of the Greek elections focuses on the economic impacts, particularly for the European Union. But GLW’s coverage has looked at how these developments affect everyday Greeks.

The economic and political crisis in Greece shows that austerity and more of the same is no solution and why the majority of people, the 99%, need to be watching for developments like SYRIZA, which can truly represent their interests and not the interests of the 1% minority.

We cannot rely on the corporate media to get this message out, which is why we need grassroots media like Green Left Weekly. You can help us continue this important work by donating to the GLW Fighting Fund on the toll-free line at 1800 634 206 (within Australia).

Donations can also be made to Green Left Weekly, Commonwealth Bank, BSB 062-006, Account no. 00901992. Otherwise you can send a cheque or money order to PO Box 394, Broadway NSW 2007.

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