Global: Lies, damn lies and Oxfam

Income inequality is well known to be a growing problem, but can we believe all the figures? The leading charity Oxfam has just published a report stating that the world’s eight richest men own half of all global wealth. But look a little closer and the claim is not that they own half the wealth, but more than half of what the poorest 3.6 million own. That is not the same. Look even closer at the report and it turns out that it is not eight but 62 people (according to 2015 figures) who own such wealth. Look even closer and the real divide is between the most wealthy one percent of the world’s population – who earn 50.8% of world’s wealth – and the rest. That is not 8 people, but 72 million people. To cap it all, the nature of wealth is also changing, as it is not principally defined by property or cash in the bank – but the ownership of assets. The value of those assets is only theoretical because if an attempt was made to cash them all in their value would plummet.

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