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Oxfam Study says Assets Owned by 26 Billionaires Equal to that Owned by 3.8 Billion Poor People

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6 months ago
6 months ago
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Rendering its tireless service to eradicate problems faced due to poverty around the globe, Oxfam is noted for its development, relief and campaigning programmes. As one of the most influential international organizations, Oxfam has extended its helping hands to the masses and the policymakers and provided an insightful understanding about poverty, human rights and development.


As per their recent findings, Oxfam has stated that the increased concentration of wealth by the richest, comprising approximately 26 billionaires of the world is likely to be similar to that of the total assets possessed by 3.8 billion poor people of the world. Thus, while conducting the annual wealth check, it was found that the World Economic Forum has reported that 2018 had not been much consequential in its growth.

On the contrary, the bygone year had seen the rich getting more affluent while the poor faced abject poverty. Further evidence can be sought when one takes a look at the statistical reference provided by Oxfam, where it is said that the 12% rise in the wealth of the very richest in the society can be likely seen to emphasize on the decline of 11 % of the wealth of the downtrodden of the world.

Some glaring truths have also surfaced, which strengthens this disparaging gap between the haves and the have-nots of the society. The number of billionaires getting doubled since the financial crisis and with the last year witnessing the alarming growth rate of the wealthy class, Oxfam’s director, Matthew Spencer has remarked that the “rising inequality is jeopardising further progress” and thus “Governments should act to ensure that taxes raised from wealth and businesses paying their fair share” are efficiently used to facilitate free, good-quality public services so that such humanitarian benefits can “save and transform people’s lives.”

To curb the perturbing rise in inequality, French Economist Thomas Piketty has even proposed for a global wealth tax. Oxfam has even intended to increase the taxes on the extreme wealth of developed nations so as to offer considerable help to the much poorer nations. This would indeed serve the purpose of fighting poverty, controlling public fury, and dealing with the rich-poor divide.

The “morally outrageous” display of accumulated wealth done by some Indian billionaires has been strongly critiqued by Oxfam International Executive Director, Winnie Byanyima as the country’s poor find it really difficult to eat a meal twice a day or even pay for their child’s basic medicines. India’s scenario in this revealing survey is quite startling as it is expected that between 2018 and 2022, the nation will tend to produce 70 new dollar millionaires every day. Since the 2008 global financial crisis shook the entire world, India happens to record the single largest annual increase of wealth as it shot up to $440.1 billion in 2018. Oxfam India CEO, Amitabh Behar has proclaimed in taking due notice of the challenging situation that the rising economic inequality will have the most adverse effects on the country’s women and girls.

Such conspicuous discoveries does require immediate initiation of reforms so that resources can be better channelized for serving the poor and for granting them their rightful possession of the fundamentals for leading a rather even-handed existence.

By Debashrita Dey

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