Facts that proves it
Anit-Poverty Organization Oxfam, ahead of the World Economic Forum (WEF) annual meeting, has released a report of the top billionaires posses the same amount of wealth as the poorest 50% of the world population. No wonder, economic equality is something this world doesn’t really care about. Click here to view the top richest billionaire person in the world.
What does the report say?
- Richest 1% own 5% of total wealth in India.
- 84 billionaires in India, with a collective wealth of $248 billion, led by Mukesh Ambani ($19.3 billion), Dilip Shangvi ($16.7 billion). The total Indian wealth in the country stood at $3.1 trillion.
- The total global wealth in the year was $255.7 trillion, of which about $6.5 trillion was held by billionaires, led by Bill Gates ($75 billion), Amancio Ortega ($67 billion) and Warren Buffett ($60.8 billion).
- Since 2015, the richest 1% has owned more wealth that the rest of the planet.
Oxfam said the following:
“Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people”
“It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 per day,”
Why is Wealth Inequality Bad?
- Fact is, this world runs on money, and when just a few people control most of the wealth, they get to control the world too.
- We all have heard how businessmen influence political decisions, haven’t we? They are able to do it because the politicians depend on the financial contributions of the rich. Considering this, do you think it will be possible for the politicians to be fair to people who are not rich. The politician-businessman nexus will also affect the entire economic system.
- The system which is primarily catering to the rich will obviously not bother about the poor. Isn’t that the reason why economic inequality has got worst with time?
Also click here to read List of World’s Richest Men.