Wealth inequality has grown to the stage where 62 of the world’s richest people own as much as the poorest half of humanity combined, according to a new report.
The research, conducted by the charity Oxfam, found that the wealth of the poorest half of the world’s population – 3.6 billion people – has fallen by 41 per cent, or a trillion US dollars, since 2010.
While this group has become poorer, the wealth of the richest 62 people on the planet has increased by more than half a trillion dollars to $1.76 trillion.
The report, “An Economy for the 1%”, says the gap between the global richest and the global poorest has widened in just the last 12 months.
In 2011 388 people had the same wealth as the poorest half of humanity. In 2011 this fell to 177. The number has continued to fall each year to 80 in 2014 and 62 in 2015.
The research was released days ahead of the annual gathering of the world’s elite in Davos for the World Economic Forum 2016.
Oxfam GB chief executive Mark Goldring said a crackdown on global tax havens was a necessary step towards ending the rampant global inequality.
“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,” he said.
“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.”
In November the Public Accounts Committee of MPs warned that HMRC had made “little or no progress” on measures to reveal the scale of aggressive tax avoidance happening in Britain.
In addition, last year the Office for Budget Responsibility announced that George Osborne’s tax avoidance crackdown had missed its target by hundreds of millions of pounds.
But the report’s authors say the situation could be even worse in the world’s poorest countries. The researchers estimate that as much as 30 per cent of African financial wealth is held offshore, costing the governments of countries in the region $14 billion US dollars each year.
That money, if collected, might otherwise be destined for the world’s poorest.
Last year an investigation by theIndependent revealed that the UK was paying millions of pounds to EU-listed tax havens in the form of international aid.
A significant number of tax havens are also British Crown dependencies and have Queen Elizabeth II as their head of state.
The Government says it has made cracking down on tax avoidance a priority. In September HMRC said it had collected £1bn from users of tax avoidance schemes as a result of new rules.
SOURCE:
Categories: Asia, Economics, The Muslim Times
Are the Muslim billionaires paying their Zakat? (all others should too)
Rafiq, those who pay Tax to existing authority, they do not need to pay “zakat”
In ancient time, we call Zakat in Quran, in modern time we call tax.
The definition of Tax and Zakat are the same.
Authority has the right to collect the Tax.
Don’t be deceived by the ancient Clerics interpretation of Islam.
That is why I urge Muslim Ahmadiyya to reform the ancient Islamic interpretation. Not just a new Prophet that Ahmadiyya declared
I hate to be Muslim allah is partial he helps only rich people and hate poor people
Yes, Allah love people who follow His guidance completely and he will be reward with wealth,
Allah hate people who does follow His guidance completely, Allah will punish them with poverty.
Actually Allah or Islam encourage His people to work harder in order he can get Allah’s wealth on earth and in the sea. Allah is All Richest.
Poor Mohsin. May I suggest you watch http://www.mta.tv and learn a bit more about True Islam?
Rafiq, I am sorry to tell you Rafiq, You can not claim that Ahmadiyyah is true Islam and others are wrong Why?
Because Muslim Ahmadiyyah still follow the most of ancient Islamic laws like Saudi Arabia,Iran and Isisi do these days.
For example; the ancient harsh punishment such as; beheading, cut off hands, hanging, and flogging etc at front of public. Muslim Ahmadiyyah never reject or condemn publictly the”beheading punishment ” when ISIS and Saudi Arabia conduct punishment these days.
Ahmadiyah still reject or ban the western Bank because of Riba / unlawful.
Ahmadiyah still follow where female will recieve inherintance 1/2 than male.
Ahmadiyah still advocate women wear hijab, and men have beard.
Ahmadiyah still advocate men and women sit seperately.
Ahmadiyah still advocate non Muslim is forbidden to elected as a leader in Islamic country.
Ahmadiyah still advocate Muslim to believe in ancient Imam, such as Imam Muslim-bukhari blindly. What ever Imam say in the book of hadith are true Hadith.Muslim Ahmadiyyah never reject publicly the false/ violent Hadith in the book of Hadith.
So the result of believing imam Muslim Bukhari. Extremist Muslim use fale hadith to justify their act or terror.
( Please correct me if am wrong Rafiq).Thank you.