OXFAM Report of Global Wealth

The billionaire was asked: “How much more money do you need to be happy?”

The billionaire replied: “One more dollar.”

One hundred years ago, Eugene V. Debs, the great American labor leader and Socialist, spoke and wrote about the danger that the concentration of wealth and property in the hands of a few poses to democracy, peace, and progress in the world. Two Debs’ quotes on this subject were posted in the previous post on this page.

Interestingly, the OXFAM organization has recently published their most recent study on global wealth. The study is entitled “Wealth: Having It All And Wanting More.”

In their study,  OXFAM reports that

“In 2014, the richest 1% of people in the world owned 48% of global wealth, leaving just 52% to be shared between the other 99% of adults on the planet. Almost all of that 52% is owned by those included in the richest 20%, leaving just 5.5% for the remaining 80% of people in the world. If this trend continues of an increasing wealth share to the richest, the top 1% will have more wealth than the remaining 99% of people in just two years ….”

This is exactly the kind of concentration of wealth, and the subsequent power that follows wealth, that Eugene V. Debs wrote and spoke about at the turn of the Twentieth Century.

You can read the OXFAM report here.

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Explore posts in the same categories: Economics, Politics, Poverty, Social-Economic Justice

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