Oxfam: Richest 1pc own more than the rest of us

Oxfam: Richest 1pc own more than the rest of us

PARIS, Jan 18 — The richest one per cent of the world’s population now own more than the rest of us combined, aid group Oxfam said today, on the eve of  the World Economic Forum (WEF) in Davos.

“Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population—a figure that has fallen from 388 just five years ago,” the anti-poverty agency said in its reported published ahead of the annual gathering of the world’s financial and political elites in Davos.

The report, entitled “An Economy for the 1%”, states that women are disproportionately affected by the global inequality. 

“One of the other key trends behind rising inequality set out in Oxfam International’s report is the falling share of national income going to workers in almost all developed and most developing countries... The majority of low paid workers around the world are women.”

Although world leaders have increasingly talked about the need to tackle inequality “the gap between the richest and the rest has widened dramatically in the past 12 months,” Oxfam said.

Oxfam’s prediction, made ahead of last year’s Davos meeting, that the richest one per cent would soon own more than the rest of us, “actually came true in 2015,” it added.

While the number of people living in extreme poverty halved between 1990 and 2010, the average annual income of the poorest 10 per cent has risen by less than US$3 (RM13.27)-a-year in the past quarter of a century, a increase in individuals’ income of less than one cent a year, the report said.

Few dozen super-rich people

More than 40 heads of state and government will attend the Davos forum which begins tomorrow and will end on January 23.

Those heading to the Swiss resort town for the high-level annual gathering also include 2,500 “leaders from business and society”, the WEF said in an earlier statement. 

Describing the theme — the Fourth Industrial Revolution — WEF founder Klaus Shwab has said it “refers to the fusion of technologies across the physical, digital and biological worlds which is creating entirely new capabilities and dramatic impacts on political, social and economic systems.”

Oxfam International executive director Winnie Byanima, who will also attend Davos having co-chaired last year’s event, said: “It is simply unacceptable that the poorest half of the world’s population owns no more than a few dozen super-rich people who could fit onto one bus.”

World leaders’ concerns about the escalating inequality crisis have “so far not translated into concrete action — the world has become a much more unequal place and the trend is accelerating,” she warned.

End tax-havens era

As a priority, Oxfam is calling for an end to the era of tax havens which has seen the increasing use of offshore centres to avoid paying taxes. 

“This has denied governments valuable resources needed to tackle poverty and inequality,” the report said.

As much as 30 per cent of all African financial wealth is estimated to be held offshore, it added, costing an estimated US$14 billion in lost tax revenues every year.

Getting hold of the proper level of taxes will be “vital” if world leaders are to meet their goal, set last September, of eliminating extreme poverty by 2030.

Byanima challenged those attending the Davos meeting “to play their part in ending the era of tax havens, which is fuelling economic inequality and preventing hundreds of millions of people lifting themselves out of poverty”.

Of the 62 people said to hold as much wealth as the poorest 50 per cent, Oxfam said that 53 are men and just nine are female, highlighting that women are ill-represented even at the highest levels.

The headline Davos guests include British Prime Minister David Cameron, US Vice President Joe Biden, French Prime Minister Manuel Valls and newly-elected Canadian Prime Minister Justin Trudeau. 

President Mauricio Marci of Argentina, Israeli Prime Minister Benjamin Netanyahu and Alexis Tsipars, the Greek prime minister, are also due to attend. 

Oxfam said it had calculated the wealth of the richest 62 people using Forbes’ billionaires list. 

— AFP

Even as a kid, Bill Gates demonstrated this super-important habit of successful people

In a recent Forbes interview, Bill Gates’ dad reveals what the Microsoft billionaire was like growing up.

Perhaps unsurprisingly, the young Gates was an extreme bookworm:

Just about every kind of book interested him — encyclopedias, science fiction, you name it. I was thrilled that my child was such an avid reader, but he read so much that Bill’s mother and I had to institute a rule: no books at the dinner table.

That Gates loved to read as a kid is hardly surprising. Today, his personal blog “GatesNotes” features upwards of 150 book recommendations for everything from scientific histories to graphic novels.

Among the world’s richest and most successful people, a passion for books and for lifelong learning is hardly uncommon. Author and self-made millionaire Steve Siebold has interviewed more than 1,200 of the world’s wealthiest people over the past three decades and has noted that reading for self-education is a common thread among them. 

Investing legend Warren Buffett reportedly spends about 80% of his day reading, and continues to include book recommendations in his annual shareholder letters.

In 2015, Facebook’s Mark Zuckerberg resolved to read a book every two weeks, and even started a book club called “A Year of Books” so that he could discuss those books with the Facebook community.

Media mogul Oprah Winfrey selects a book every month for readers to discuss online as part of “Oprah’s Book Club 2.0,” and when tech billionaire Elon Musk is asked how he learned to build rockets, he reportedly answers, “I read books.”

Experts say reading is crucial for anyone in a leadership position. Writing in The Harvard Business Review, author John Coleman argues that reading can make you a better communicator and more empathetic.

Meanwhile, Scotty McLennan, a lecturer in political economy at Stanford Graduate School of Business, suggests that novels can boost leadership skills by showing readers reality in a way that case studies and business books can’t.

Obviously, there’s no one secret to becoming wildly successful.

 But a weekly trip to your local library is an almost surefire way to increase your knowledge and your effectiveness in business settings.