A report from Oxfam, called Working for the few outlines the extreme disparity between the wealthy and the impoverished all over the globe, and suggests that the divide will grow larger if political action is not taken soon.
Working for the few says that one half the world’s wealth is going to 99 per cent of the population, with the remaining half going to the richest one per cent. Put plainly, the 85 richest individuals are as wealthy as the poorest half of the world.
The report has made clear that the world’s richest are taking advantage of the worsening economic situation of the impoverished, by undermining democratic processes, hiding trillions of dollars away from the tax office and pushing forward policies that promote their interests ahead of everyone else’s.
However, Oxfam says the worsening inequality can still be reversed. It is advising Australia and other governments to clamp down on tax havens and stop tax evasion. Allowing these illegal practices to continue contributes to developing countries missing out on crucial revenue which helps to fight poverty and push forward economic growth.
As the Australian Government prepares to push forward its G20 agenda at the World Economic Forum in Davos this week, Oxfam will call on the 300 heads of state and government in attendance, to adopt its seven-point plan to tackle issues of economic inequality in a bid to end global poverty.
Read more at The Guardian.
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