Shocking facts from OXFAM ‘s latest report

OFAM released their latest report titled “AN ECONOMY FOR THE 99%” and the facts are shocking

OXFAM latest report reveals that the 1% richest owns more wealth of the rest of the planet.This report is aimed to show the inequality of the society. Couple points you want to know

  • Eight men now own the same amount of wealth as the poorest half of the world.
  • 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.
  • The incomes of the poorest 10% of people increased by less than $3 a year between 1988 and 2011, while the incomes of the richest 1% increased 182 times as much.
  • A FTSE-100 CEO earns as much in a year as 10,000 people in working in garment factories in Bangladesh.
  • In the US, new research by economist Thomas Piketty shows that over the last 30 years the growth in the incomes of the bottom 50% has been zero, whereas incomes of the top 1% have grown 300%.
  • In Vietnam, the country’s richest man earns more in a day than the poorest person earns in 10 years.

Causes of inequality

  • Big Corporations – Big businesses did well in 2015/16 : profits are high and the world’s 10 biggest corporations together have revenue greater than the government revenue of 180 countries combined
  • CEO takes it all – The CEO of India’s top information firm earns 416 times the salary of a typical employee in his company. The International Labour Organization estimates that 21 million people are forced labourers, generating an estimated $150bn in profits each year.
  • Corporate evade tax -Corporate tax rates are falling all over the world, and this –together with widespread tax dodging –ensures that many corporations are paying minimal tax. Apple allegedly paid 0.005% of tax on its European profits in 2014. Developing countries lose $100bn every year to tax dodging. Kenya is losing $1.1bn every year in tax exemptions for corporations, nearly twice its budget for health – this in a 4 country where women have a 1 in 40 chance of dying in childbirth.
  • Shareholders eat profits – 10% of profits were returned to shareholders in 1970; this figure is now 70%
  • Capitalism -The world’s third richest man, Carlos Slim, controls approximately 70% of all mobile phone services and 65% of fixed lines in Mexico, costing 2% of GDP
  • Rich become richer – 2016 Forbes list, 89% of whom are men, own $6.5 trillion –as much wealth as the bottom 70% of humanity. Read Indian Business News.

Shocking facts from OXFAM ‘s latest report
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

INDIAN CEO provides latest business news about Indian CEOs, startups, business, funding, founders, new ideas, technology, apps, gadgets

Stay tuned to get latest updates on startup business in India and listen right from heart of Indian CEOs.



AWS Activate Partner

Subscribe for Insider Updates

Get Stories delivered to your Inbox

Copyright © 2015 INDIAN CEO. Indian business news magazine

To Top