Consumption by the world’s richest is generating the lion's share of global greenhouse gas emissions, a new report states. Peter Boyle argues that the future is literally toast if profit-driven corporations and the world’s rich remain in power.
As some of the rich and powerful gathered in Davos, Switzerland, for the World Economic Forum last month, Oxfam International issued a report revealing that the combined fortunes of the world’s billionaires rose by 12% last year as the poorest half of humanity saw their wealth decline by 11%.
Australia’s super-rich keep getting richer.
A new report from Oxfam has found that the top 1% of the country’s plutocrats now own more wealth than the bottom 70%.
There has also been a record rise in the number of billionaires — from 33 to 43 — with their combined wealth now at almost $160 billion last year.
A new report from Oxfam, released on the eve of the World Economic Forum, revealed that Australia’s richest 1% owned 23% of the country’s total wealth last year, up from 22% the year before, and more than the bottom 70% combined.
Based on data from Credit Suisse, the report also revealed that Australia now has 33 billionaires, up by 8 in the past year alone.
The Oxfam report shows that inequality is worsening.
The Occupy movement, which started as a protest against Wall Street, but ballooned across the US and internationally in 2011, adopted the slogan “We are the 99%” to symbolise the struggle for a better world against the greed of “the 1%”. Some people at the time thought it was an exaggeration to talk about the 1% versus the 99%, but according to Oxfam, since 2015, that richest 1% has owned more wealth than the rest of the planet combined.
There can be no doubt about it. Capitalism is eating the future, destroying it with systematic greed and exploitation.
Just one year ago, according to calculations by anti-poverty group Oxfam, the 62 richest people on the planet owned as much wealth as the poorest half of the world's population (3.5 billion). This year that number has dropped to eight as inequality spirals out of control.
Eight super rich men have more wealth than half the people in the world and the richest 1% have more than the other 99%. Does anyone believe this is sustainable, let alone conscionable?