Oxfam Report on Extreme Inequality

From Oxfamindia.org

*In 2014 the richest 85 people on the planet owned as much as the poorest half of humanity.
*The net worth of India’s billionaires is enough to eliminate absolute poverty in the country twice over.
*A few Indians have enough money for several lifetimes while millions struggle for 1 sq meal/day

Even It Up: It’s Time To End Extreme Inequality
Click here to download the report

Today, global outrage against this has become raucous—the Occupy movements, Arab Spring, street protests by millions of Brazilians demanding increased spending on basic entitlements reflect the anger. This narrative of obscene inequality based on injustice and denial of basic rights calls for urgent action if we want to live socially-just, inclusive and equal world.

Since the global financial crisis the number of billionaires has doubled. A tax, of just 1.5 percent, on their wealth in that period could have raised enough money to save 23 million lives in the poorest countries.

Oxfam’s latest research has found that if India stopped inequality from rising, they could lift 90 million more people out of extreme poverty by 2019.

Inequality is not inevitable; it is the result of deliberate political and economic choices. Market fundamentalism and the capture of power by elites are two powerful drivers of inequality that go a long way to explaining the extremes we see today.

Recent mass demonstrations from Chile and Brazil to Iceland and Hungary have shown that people around the world are unwilling to stand for unfair tax systems and a lack of quality services. People are concerned that their governments are acting not in their interests, but on behalf of national and international elites. Governments must be forced to listen to the people not the plutocrats. This is why Oxfam is joining a growing movement campaigning for an end to extreme inequality, and asking decision-makers everywhere what they will do to make this a reality.

Unequal numbers

• The top 1% globally controls 46% of the world’s wealth.

• Seven out of 10 people live in countries where the gap between rich and poor is greater than it was 30 years ago.

• The richest 85 people on the planet own as much as the poorest half of humanity.

• These 85 people grew $688m richer each day in 2013-14.

Did you know?

• In India, billionaires increased from two in the 1990s to 65 in 2014.

• Net worth of India’s billionaires is enough to eliminate absolute poverty in the country, twice over.

• More than half of the Foreign Direct Investment (FDI) in India is channelled through tax havens.

• The Indian government spends almost twice as much on its military as on health.

• Money that can be invested to tackle inequality is diverted by tax breaks & public-private partnerships.

• If India stops inequality from rising, it can end extreme poverty for 90 million people in just five years.

The India solution

• If India stops its rising inequality, we can rescue 90 million people from extreme poverty by 2019.

• Reducing inequality by 36 percent reduction can eliminate extreme poverty and save another 83 million people.

What our government can do

• Prioritise policies that redistribute money and power.

• Reject market fundamentalism and oppose the special interests of powerful elite.

• Provide living wages and decent working conditions.

• Protect the rights of workers and give them a say in decision-making.

• Ensure fair taxation, so those most able to pay contribute more.

• Provide free public services such as health and education to help tackle inequality.

• Universal child benefits, old-age pensions, unemployment protection etc have an equalising effect.

• Economic policies must tackle economic and gender inequality together.

  To read more and to download the report, click here.