Shocking: Just 8 men own same wealth as half the world

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A shocking report  by Oxfam, an international confederation of 19 organizations working together with partners and local communities in more than 90 countries has once again bring to light to shocking inequality promoted by capitalism in the world as some remains extremely rich while many remain extremely poor ahead of  annual World Economic Forum organised in the swiss resort city of Davos which brings together some of the world riches, business owners, CEOs and world leaders.

The report which is published on their website shows Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam yesterday to mark the annual meeting of political and business leaders in Davos.

Oxfam’s report, ‘An economy for the 99 percent’, shows that the gap between rich and poor is far greater than had been feared. It details how big business and the super-rich are fuelling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics. It calls for a fundamental change in the way we manage our economies so that they work for all people, and not just a fortunate few.

Winnie Byanyima, Executive Director of Oxfam International, said: 

“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 a day.  Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.

READ  Cameroon at the face of Another Economic Crisis.

“Across the world, people are being left behind. Their wages are stagnating yet corporate bosses take home million dollar bonuses; their health and education services are cut while corporations and the super-rich dodge their taxes; their voices are ignored as governments sing to the tune of big business and a wealthy elite.”

Oxfam is also calling on business leaders to play their part in building a human economy. The World Economic Forum has responsive and responsible leadership as its key theme this year.  They can make a start by committing to pay their fair share of tax and by ensuring their businesses pay a living wage

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Lucas is the CEO and founder of Tebopos.com, he is a UB trained compute software engineer with a passion for critical writing and political analysis, reason why he created the blog tebopsost. Mbah has a good sense of leadership and is result oriented person committed in sharing information relevant to people in order to help them make informed decisions about their life. He is the Editor of the webiste website TeboPost.

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