Oxfam predicts first trillionaire within a decade, with gap between rich and poor likely to increase
Graham Watson's insight:
Oxfam with their traditional Davos opener, highlighting wealth inequality across the globe, with the world's five richest individuals doubling their wealth since 2020 whereas its stagnated for the poor. And bear in mind that's with Elon Musk's singularly inept stewardship of Twitter/X taken into account.
They also note that a wealth tax could generate substantial returns in the UK, possibly as much as £22bn if a 1-2% tax were levied on those with wealth above £10m.
Surge in global food prices, ongoing impact of Covid and rising global inequality threaten the poorest
Graham Watson's insight:
Oxfam has highlighted the implications of the war in Ukraine for the world's poor, with rising food prices potentially pushing over 250m people into extreme poverty.
More than 100 global organisations want debt payments to be waived for developing countries this year.
Graham Watson's insight:
There are already calls for debt relief for the world's poorest nations in the wake of the coronavirus outbreak. Both Oxfam and Action Aid International want this year's debt repayments to be waived, potentially freeing up £25bn to help tackle the crisis.
We might think that we've got it bad. However, in countries without universal healthcare, I suspect that the consequences will be many, many times worse.
Namibia and Uruguay among states to reduce inequality on many measures, index shows
Graham Watson's insight:
A nice story that ties in with what I'm currently teaching and combines the concepts of development and inequality. According to the The Reducing Inequality index, progressive taxation, and increased social spending is reducing inequality in developing economies from Uruguay to Namibia.
Analysis of budgets finds rich nations, including UK, ‘exacerbated explosion of economic inequality’
Graham Watson's insight:
Some rather depressing research from Oxfam reveals that budget analysis shows that post-Covid health spending has fallen in around a half of the poorest countries and that welfare spending and education spending have also seen marked declines, with the latter falling in three quarters of low- and low-middle income countries. Worse still, debt repayments have risen to 27.5% of their budgets.
As the article states, this represents “twice the amount that they have spent on their education, four times that of health and nearly 12 times that of social protection”, which won't be good for development prospects.
Even in developed economies though, the effect of the pandemic has been to widen income inequality in many economies.
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Oxfam calls for windfall tax as 99% of world population takes a pay cut while top 10 incomes grow by $1bn a day
Graham Watson's insight:
Oxfam notes that whilst the rest of the world saw their incomes fall during the pandemic, the wealthiest 10 ten men have seen their wealth increase by over $1bn per day. As a result, they are calling for a 99% windfall tax on their capital gains.
Of course, such an eye-catching policy initiative is designed to garner headlines, but it isn't realistic. However, it makes the point - again - that we aren't, and haven't, all been in this together. It seems remarkable that the richest ten individuals are six times wealthier than the bottom 40% of the global population: market success or market failure?
Charity calls for 1% wealth tax, saying it would raise enough to educate every child not in school
Graham Watson's insight:
Basics. The annual Oxfam look at global inequality: the world's 26 richest people own as much as the poorest 50%.
It's a staggering figure and Oxfam make a great deal of the fact that a 1% wealth tax could educate every child not in school and help prevent 3 million deaths.
I wonder if the 26 people identified go to bed at night thinking of that.
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Oxfam with their traditional Davos opener, highlighting wealth inequality across the globe, with the world's five richest individuals doubling their wealth since 2020 whereas its stagnated for the poor. And bear in mind that's with Elon Musk's singularly inept stewardship of Twitter/X taken into account.
They also note that a wealth tax could generate substantial returns in the UK, possibly as much as £22bn if a 1-2% tax were levied on those with wealth above £10m.