OECD Report: Top 10% of Americans Own 76% of All the Stuff


Susanne.Posel-Headline.News.Official- wealth.inequality.oxfam.oecd_occupycorporatismSusanne Posel ,Chief Editor Occupy Corporatism | The US Independent
May 21, 2015

 

A report produced by the Organization for Economic Cooperation and Development (OECD) explains how wealth inequality is growing across the globe.

Of the 34 member states in the OECD, 10% of the wealthiest population earn 9.6 times above the income of the poorest 10%. This includes:

• Japan
• Canada
• United States
• Australia
• European Union

Without a measurement of inequality, the OECD predicts that economic growth is being threatened because of a widening gap in education which leads to an ineffective workforce.

The “non-standard work” is a factor in the mounting inequality which includes self-employment and outsourced contractors.

For more than 2 decades, job creation has been “non-standard work”; leaving “households dependent on such work” which has the effect of “higher poverty rates than other households and that this has led to greater inequality.”

Government taxation and benefit systems have failed at redistributing income while the increasing number of women going to work has proven a slight limitation to growth in inequality.

At the 2015 meeting in Davos, wealth inequality was a topic of discussion.

Some of the most powerful leaders of industry, government and influence at the foremost of the wealth inequality probed ideads on how to solve the problem because of a report released by Oxfam which states that the richest 1% will have acquired “as much wealth as the other 99% combined” by 2016.

The richest 1% currently owns 48% of the total world’s wealth and “of the remaining 52% of global wealth, 46% is owned by the rest of the richest fifth of the world’s population.”

Shockingly, the rest of the world’s population own 5.5% of the total global wealth which translates to $3,851 per adult.

Conversely, the wealthiest “global elite” averaged $2.7 million in 2014.

The report reads: “The richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014. At that rate, the wealthiest will own more than 50% by next year.”

Although wealth inequality appears to be the problem, in 2014, Oxfam released a report showing that 85 people in the world hold and control the same amount of the wealth as half of the world’s population.

The report findings include breakdowns of how this wealth is unequally distributed:

  • Globally, the richest individuals and companies hide trillions of dollars away from the tax man in a web of tax havens around the world. It is estimated that $21 trillion is held unrecorded and off-shore
  • In the US, years of financial deregulation directly correlates to the increase in the income share of the top one per cent which is now at its highest level since the eve of the Great Depression
  • In India, the number of billionaires increased tenfold in the past decade, aided by a highly regressive tax structure and the wealthy exploiting their government connections, while spending on the poorest remains remarkably low;
  • In Europe, austerity has been imposed on the poor and middle classes under huge pressure from financial markets whose wealthy investors have benefited from state bailouts of financial institutions
  • In Africa, global corporations – particularly those in extractive industries – exploit their influence to avoid taxes and royalties, reducing the resources available to governments to fight poverty

This translates to the 3.55 billion poor people must live on what only 85 people possess monetarily.

In other words those 85 richest people in the world have access to the same amount of resources as 42 million poor people on a global scale.

And just for measure, 42 million people equal roughly the populations of Canada combined with the populations of the states of Kentucky and Kansas.





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