November 15, 2024 08:40 AM

OXFAM: Richest 1% Owns the Rest of the World

Mark Goldring, Oxfam's GB chief executive, said:

'It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich - so few, you could fit them all on a single coach.

'World leaders' concern about the escalating inequality crisis has so far not translated into concrete action to ensure that those at the bottom get their fair share of economic growth.

'In a world where one in nine people go to bed hungry every night we cannot afford to carry on giving the richest an ever bigger slice of the cake.

'We need to end the era of tax havens which has allowed rich individuals and multinational companies to avoid their responsibilities to society by hiding ever increasing amounts of money offshore.

'Tackling the veil of secrecy surrounding the UK's network of tax havens would be a big step towards ending extreme inequality. Three years after he made his promise to make tax dodgers 'wake up and smell the coffee', it is time for David Cameron to deliver.

'Ending extreme poverty requires world leaders to tackle the growing gap between the richest and the rest which has trapped hundreds of millions of people in a life of poverty, hunger and sickness.

'It is no longer good enough for the richest to pretend that their wealth benefits the rest of us when the facts show that the recent explosion in the wealth of the super-rich has come at the expense of the poorest.'

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