Less than a handful of people have more money than most of the rest of the world combined, according to Oxfam.
In their report Time to Care: Unpaid and underpaid care work and the global inequality crisis, Oxfam blames the disparity on “massively under-taxing” the wealthiest people in the world, and it means taht all the money is being hoarded by a handful of individuals rather than helping lift people out of the abject poverty that infects the world. Citing World Bank research, Oxfam said “if countries reduced income inequality by 1% each year, 100 million fewer people would be living in extreme poverty by 2030,” it said.
“Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women,” said Oxfam India Chief Executive Officer Amitabh Behar. “No wonder people are starting to question whether billionaires should even exist.”
The entire report is worth a read. It goes into the gender inequalities that keep women economically disadvantaged and the way forward from this cycle of imbalance.