Thursday, June 11, 2015

Oxfam: by 2016, 1% of the people will have 50% of all the wealth in the world

In other words, unless something changes very quickly, the top 1% will soon have more stuff than the bottom 99%, more than everyone else combined.
"It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world.

"Business as usual for the elite isn’t a cost-free option – failure to tackle inequality will set the fight against poverty back decades. The poor are hurt twice by rising inequality – they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around." - Oxfam executive director Winnie Byanyima
An equally striking figure is that 85 individual billionaires have the same wealth as the bottom 50% of the world’s population. The wealth of 85 people equals the wealth of roughly 3,688,005,000 others living here.

And now, a few words from some random billionaire that I happen to agree with. Speaking at the "Business of Luxury" Summit in Monaco, billionaire Johann Rupert reportedly said that tension between the rich and poor will increase as robots and artificial intelligence fuel mass unemployment:
We cannot have 0.1 percent of 0.1% taking all the spoils. It’s unfair and it is not sustainable.

How is society going to cope with structural unemployment and the envy, hatred and the social warfare? We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night.

We're in for a huge change in society. Get used to it. And be prepared.

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