World's richest 85 people own as much as 3.5 billion of poorest
The world's richest 85 individuals reportedly own as much as the poorest half of the 7 billion global population, a new study has revealed.
According to an Oxfam report, the world's elite have rigged laws in their own favour undermining democracy and creating a chasm of inequality across the globe.
The report found the negative impact of growing inequality that helps the richest undermine democratic processes and drive policies that promote their interests at the expense of everyone else, news.com.au reports.
The World Economic Forum warned last week that the growing gulf between the rich and the poor represents the biggest global risk in 2014.
Oxfam said that policies successfully imposed by the rich in recent decades include financial deregulation, tax havens and secrecy, anti-competitive business practice, lower tax rates on high incomes and investments and cuts or underinvestment in public services for the majority.
The Oxfam report stated that since the late 1970s, tax rates for the richest have fallen in 29 of the 30 countries for which data are available, meaning that in many places the rich not only get more money but also pay less tax on it, the report added.
(Posted on 21-01-2014)