NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
World’s top 1 percent earn 82 percent of wealth generated in 2017, says Oxfam

By Rachael Ishaya on 22/01/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 539


Eighty-two per cent of the wealth generated last year went to the richest one per cent of the global population, while the 3.7 billion people who make up the poorest half of the world saw no increase in their wealth, says a new Oxfam report.

The report was launched on Monday as political and business elites gather for the World Economic Forum in Davos, Switzerland.

The report, titled “Reward Work, Not Wealth”, revealed how the global economy enabled a wealthy elite to accumulate vast fortunes while hundreds of millions of people are struggling to survive on poverty pay.

“Billionaire wealth has risen by an annual average of 13 per cent since 2010; six times faster than the wages of ordinary workers, which have risen by a yearly average of just two per cent.

“The number of billionaires rose at an unprecedented rate of one every two days between March 2016 and March 2017.

“It takes just four days for a CEO from one of the top five global fashion brands to earn what a Bangladeshi garment worker will earn in her lifetime.

“In the US, it takes slightly over one working day for a CEO to earn what an ordinary worker makes in a year.

“It would cost 2.2 billion dollars a year to increase the wages of all 2.5 million Vietnamese garment workers to a living wage.

“This is about a third of the amount paid out to wealthy shareholders by the top five companies in the garment sector in 2016,” the report stated.

The Oxfam report also outlined the key factors driving up rewards for shareholders and corporate bosses at the expense of workers’ pay and conditions.

According to the report, this include the erosion of workers’ rights, the excessive influence of big business over government policy-making and the relentless corporate drive to minimise costs in order to maximise returns to shareholders.

Executive Director of Oxfam International, Mrs Winnie Byanyima, said that the billionaire boom was not a sign of a thriving economy but a symptom of a failing economic system.

“The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors.

“Women workers often find themselves off at the bottom of the heap. Across the world, women consistently earn less than men and are usually in the lowest paid and least secure forms of work. By comparison, nine out of 10 billionaires are men.

“Oxfam is calling for governments to ensure our economies work for everyone and not just the fortunate few.

“They should limit returns to shareholders and top executives, and ensure all workers receive a minimum living wage that would enable them to have a decent quality of life.

“For example, in Nigeria, the legal minimum wage would need to be tripled to ensure decent living standards,” she said.

Byanyima also urged government to help eliminate the gender pay gap and protect the rights of women workers.

She also urged governments to ensure that the wealthy pay their fair share of tax through higher taxes and a crackdown on tax avoidance and increase spending on public services such as healthcare and education.

Oxfam estimates that a global tax of 1.5 per cent on billionaires’ wealth could pay for every child to go to school.

Oxfam’s calculations are based on global wealth distribution data provided by the Credit Suisse Global Wealth Data book published in November 2017.

The wealth of billionaires was calculated using Forbes’ billionaires list last published in March 2017.

RIWI and YouGov conducted the online survey for Oxfam in 10 countries: India, Nigeria, United States, United Kingdom, Mexico, South Africa, Spain and Morocco. (NAN)

 

Source News Express

Posted 22/01/2018 1:23:22 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
MARRY this girl, GET $120 MILLION (N19 BILLION)...

Open Letter to President Muhammadu Buhari on Chibok...

Group petitions EFCC, demands prosecution of 2 High...

Samsung in trouble over President Obama selfie

Education standard still high: WAEC boss

NAF helicopter suffers mishap during counter-insurgency operation

Buhari links Gadaffi’s hit men with killer-herdsmen

Trade and investment as drivers of Jonathan’s transformation...

Jonathan identifies Boko Haram’s sponsors in 2014 Democracy...

80 condemned to death and executed for possessing...

INEC bemoans increasing spate of electoral violence

Committee targets $22 billion foreign investments through Nigeria...

 

Latest News Buhari appoints new heads of agencies for Hospital, College of Education Killings: Soyinka warns against genocide, asks international community to intervene Reps to issue arrest warrant for embattled NEMA boss over alleged N5.6bn fraud Imo APC crisis: Okorocha, Buhari meet again Lebanese, 16 others arrested over alleged illegal mining deal Buhari to receive 2018 Budget today — Saraki Standard Gauge: Laying of tracks starts fully in Lagos by June — Amaechi CBN injects another $100m into Forex: market •Vows to get tough with erring banks Anambra signs N9bn erosion control contract Stanbic IBTC Bank leads in cash management and trade finance African Development Bank delivers strong operational results NiMet predicts cloudy skies, heavy rains on Friday

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (345,636 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,444 views) Shameless Genevieve Nnaji exposes breasts in public (273,738 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,051 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,393 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,097 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,199 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,475 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,372 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,697 views) Lagos plane crash: Journalist releases victims’ names (140,196 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,597 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (42) Business & Economy (3,159) Business Verdict (43) Columnists (856) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (498) Features (598) Global Business Monitor (274) International (1,971) Interview (149) Live Commentary (28) Love Matters (120) News (35,579) Opinion (969) Pidgin (10) Politics (5,063) Religion (745) Sports (1,517) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement