“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 today 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.”
Digging a lttle deeper into the story I learned that some financial aficionados find Oxfam’s statistical model spurious, and a journo at Forbes cynically praises the rich 8. We need more, not less, of the uber wealthy, he writes. The world will be a better place with more obscenely rich, bloated fat cats. Well it might be more bloated, Mr Forbes clever-journalist, but it will be increasingly less stable and unsafe: take your eyes off your screen for a second, look at the impoverished majority of human beings and tell me how secure you are in your pinstriped comfort.