The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019

Oxfam: Richest 1 Percent Soon To Own Half Of World’s Wealth

by dpa (TNS)

LONDON — The richest 1 percent of the world’s population will soon own more than half of global wealth, unless there is drastic wealth redistribution, Oxfam said Monday.

The British charity said the share of the world’s wealth owned by the richest 1 percent rose from 44 percent in 2009 to 48 percent last year, and that 2015 would see half the world’s wealth in the hands of just 1 percent.

Oxfam, which used data from a series of Credit Suisse reports, said that over half of the wealth not owned by the richest 1 percent belongs to the richest 20 percent.

Some economists have taken issue with Oxfam’s reading of the statistics, noting that early-career professionals who spend all their income would fall into the “poor” classification and that people in rich countries who own even modest homes would come within the world’s top 1 per cent in asset terms.

The report was released to coincide with the start of the World Economic Forum in Davos, Switzerland.

Oxfam head Winnie Byanyima, who is co-chairing the Davos business gathering, demanded action towards wealth redistribution.

“It’s time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world,” she said in a statement.

“The poor are hurt twice by rising inequality; they get a smaller share of the economic pie and, because extreme inequality hurts growth, there’s less pie to be shared around.”

Photo: A. Currell via Flickr.com

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Mark Esper

Youtube Screenshot

The precise nature of the Chinese balloon that drifted through the high atmosphere above the United States before being shot down by the American military off the coast of South Carolina is still not known, though the military seems confident it was a "surveillance" balloon and seemingly every conservative pundit put in front of a microphone believes it was carrying either some sort of zombie-producing spores or, worse, thousands of green M&M's to be scattered through the American landscape, turning our wildlife "woke."

What we do now know, however, is that these balloon flights seem to be a regular occurrence—and one that nobody has attempted to stoke a public panic over until now. The Department of Defense's own news site reports that Chinese balloons appeared over the United States at least three times during the Trump administration. None of those other balloons appear to have been intercepted. There were no Republican politicians posing with guns promising that they'd personally take care of them balloons if they floated over their neck of the woods. None of them appear to have scattered zombie spores, M&M's, or anything else.

Keep reading...Show less

George Santos

Youtube Screenshot

Rep. George Santos (R-NY) has faced a litany of accusations in his short time as a lawmaker. From financial mishandling, professional embellishments, and personal occurrences, Santos has been accused of lies across the board.

Now, a new analysis is breaking down the dynamics of compulsive lying. According to Business Insider, psychological experts have explained how compulsive lying is often a characteristic of a personality disorder.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}