OXFAM MEDIA BRIEFING
18 January 2013 Ref: 02/2012
The cost of inequality: how wealth and income
extremes hurt us all
The world must urgently set goals to tackle extreme inequality and extreme wealth
Extreme wealth and inequality are reaching levels never before seen and are getting
worse
Over the last thirty years inequality has grown dramatically in many countries. In the US the
share of national income going to the top 1% has doubled since 1980 from 10 to 20%. For the
top 0.01% it has quadrupled8 to levels never seen before. At a global level, the top 1% (60 million
people)9, and particularly the even more select few in the top 0.01% (600,000 individuals - there
are around 1200 billionaires in the world), the last thirty years has been an incredible feeding
frenzy10. This is not confined to the US, or indeed to rich countries. In the UK inequality is rapidly
returning to levels not seen since the time of Charles Dickens11. In China the top 10% now take
home nearly 60% of the income. Chinese inequality levels are now similar to those in South
Africa,12 which are now the most unequal country on earth and significantly more unequal than at
the end of apartheid13. Even in many of the poorest countries, inequality has rapidly grown14.
Globally the incomes of the top 1% have increased 60% in twenty years.15 The growth in income
for the 0.01% has been even greater16.
Following the financial crisis, the process has accelerated, with the top 1% further 17 increasing
their share of income18. The luxury goods market has registered double digit growth every year
since the crisis hit19. Whether it is a sports car or a super-yacht, caviar or champagne, there has
never been a bigger demand for the most expensive luxuries.
The IMF has said that inequality is dangerous and divisive and could lead to civil unrest20. Polling
shows the public is increasingly concerned.
Geen opmerkingen:
Een reactie posten