"Something Is Very Wrong With The Global Economy": Richest 1% Made 82% Of Global Wealth In 2017

It is appropriate that as the world's richest and most popular and influential celebrities, thought leaders, economists, pundits and politicians sit down in Davos this week to discuss such topics as wealth inequality and populism, that the global charity Oxfam released its latest annual study which found that global inequality is not only worsening, but 2017 may have been the worst year ever for the split between rich and poor.

There are now 2,043 billionaires worldwide, according to the report titled “Reward Work, Not Wealth."

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," Oxfam executive director Winnie Byanyima said in a statement.


In addition to finding that the world’s richest 42 people own the same amount of wealth as the poorest 50% of people worldwide, a number that is fast approaching 4 billion, the report also showed that 2017 saw the biggest increase in the number of billionaires in history, with new ones created at a rate of one every two days. Their  wealth has increased by 13% a year on average in the decade from 2006 to 2015.

In other words, in 2017 the world's richest one % raked in 82% of the wealth created last year while the poorest half of the population received none, Oxfam said just hours before the world's elite prepared to mingle at the World Economic Forum in Davos and pretend to care about the plight of the world's poor.


Just as concerning - if only in theory - to the fake warriors for wealth and income equality in Davos, is that the three richest Americans have the same amount of wealth as the poorest half of the U.S. population. Bill Gates, Jeff Bezos and Warren Buffett are the three Americans whose combined wealth matches that of the poorest 160 million Americans — about $250 billion.

Among the other findings: the wealth of the super-rich increased by $762 billion in just 12 months to March 2017 which is enough to end extreme poverty seven times over. Nine out of 10 of the world's 2,043 billionaires were men.

Separately, chief executives of the top five global fashion brands made in just four days what garment workers in Bangladesh earn over a lifetime.

"The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors,"said Byanyima.


According to Mark Goldring, chief executive of Oxfam, the statistics signal that “something is very wrong with the global economy.”

"The concentration of extreme wealth at the top is not a sign of a thriving economy but a symptom of a system that is failing the millions of hard-working people on poverty wages who make our clothes and grow our food," he said, and while he is right, the rich have little incentive to actually do anything about this record wealth divergence - besides pretending they are horrified by it, of course - at least until more Brexits, and more Trumps emerge, and eventually, a global uprising against the super wealthy.

“Inequality is reaching such extreme levels that it might actually be bad for really wealthy people because it’s slowing down economic growth and leading to political disruption,” said David Hulme, an expert global development at the University of Manchester.

Hulme added that “globally, across the world’s 7.6 billion people, extreme poverty is actually reducing. It’s only when you look at the top group, the richest people, that wealth is concentrating amazingly. Both of those things can happen at the same time.”

Over the next 20 years, the report claims that 500 of the world’s richest people will give $2.4 trillion to their heirs — a sum larger than the GDP of India, which has 1.3 billion people.

The World Inequality Report 2018, a separate report published in December last year, noted that income inequality varies greatly across the world. When defined as the share of total national income accounted for by a nation’s top 10% earners, it is lowest in Europe (37%) and highest in the Middle east (61%). The United States (47%) lags China (41%) and Russia (46%). 

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Oxfam said the massive inequality is being driven by factors that include excessive financial returns to company owners and shareholders at the expense of ordinary workers and the rest of the economy; the ability of rich individuals and corporations to use tax havens that allow them to evade or shield trillions of dollars from tax authorities; public policy that permits market conditions that push down wages and infringe on labor rights; and extreme wealth that is inherited, not earned.

Byanyima blamed “tax dodging” as one of the major causes of global inequality and urged leaders to crack down on tax havens and inject money into education, healthcare and jobs for young people.

"[It] reveals how our economies are rewarding wealth rather than the hard work of millions of people,” Byanyima told Reuters, adding “The few at the top get richer and richer and the millions at the bottom are trapped in poverty wages."

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As noted above, the study was released on the eve of top political and business figures meeting at a luxury Swiss ski resort and private jet parking lot for the annual World Economic Forum, which this year says it will focus on how to create "a shared future in a fractured world".

"It's hard to find a political or business leader who doesn't say they are worried about inequality," said Byanyima. "It's even harder to find one who is doing something about it. Many are actively making things worse by slashing taxes and scrapping labor rights."


J S Bach dasein211 Mon, 01/22/2018 - 20:27 Permalink

This outcome has always been the goal of the (((international usurers))).  That's why they set up the Bank of England and Federal Reserve System.  Create debt-slaves and eventually acquire all of their wealth.  After all, isn't that what their unholy book tells them must be?

In reply to by dasein211

nmewn Bes Mon, 01/22/2018 - 20:30 Permalink

"At some point, you've made enough money!" - said the dual citizen who cashed in after butt fucking the demz for eight years leaving the DNC a smoldering bankrupt wreck.

But I did notice you didn't call out those oligarchs like I just did.

MAGA ;-)

In reply to by Bes

nmewn Bes Tue, 01/23/2018 - 05:46 Permalink

You leftards have already tried that idiotic tactic, its lame.

I can inform you that I am very stable and my cognitive abilities have never been better in fact, I've even had an unlicensed, non-practicing professor of psychiatry at Yale diagnose me from 250 miles away...as proof...lol.

The difference between you and I is, I can name the oligarchs you speak of...and do...and will continue to do so...something you refuse to do, for some reason.

Now...whatever could that reason be? ;-)

In reply to by Bes

Radical Marijuana whether underground Mon, 01/22/2018 - 23:06 Permalink

Yes, as discussed in this article:

Is It Time To Retire The Word "Capitalism"?

And, as I also commented there:


Regarding the painfully obvious and worsening truism:

"Something Is Very Wrong With The Global Economy,"

the superficial answer is that the vicious feedback spirals of the funding of the political processes have resulted in the powers of public governments being used to enforce frauds by private banks, and the big corporations that have grown up around those banks. The consequences of enforcing frauds are that those result in symbolic robberies of the many by the few.

The deeper problems are that the political economy operates INSIDE the human ecology, in ways which have made and maintained the combined money/murder systems, which have been driven to become as fraudulent and deceitful as humanly possible. Moreover, that situation includes the degree to which there is almost nothing but layers of controlled "opposition" groups that have any public significance surrounding the central core of the banker dominated governments.

It is NOT possible to have any genuinely better political economy without also having a genuinely better human ecology, which must would also be integrated into better natural and industrial ecologies. Given that human history has selected for the most socially successful systems to become as fraudulent and deceitful as possible, and given that includes that there is no genuine opposition which presents in any publicly significant ways how and why Civilization is necessarily operating according to the principles and methods of organized crime, there are no good grounds to expect any amelioration.

The first level of analysis should be to recognize that the international bankers were the best organized gangsters, the banksters, which captured control over the powers of governments, such that governments became the biggest forms of organized crime. The next level of analysis should be to recognize how and why that actually became the case, because that is what should lead to proposing and promoting genuinely better resolutions of the problems that arise because all human beings are living as reproducing gangs of robbers, in ways which are becoming more extremely unbalanced every day, in every way.

Here is a link to one of the easiest to understand presentations of how ENFORCED FRAUDS ARE SYMBOLIC ROBBERIES, as in the case of the way that the American Dollar is created out of nothing as debts by private banks, while the American government backs that up:


The Biggest Scam In The History Of Mankind

However, the relatively few people who begin to superficially understand that the global economy operates as organized crime tend to not engage in deeper analysis of how and why that IS the case. Rather, there is almost always a collapse back to the bullshit of false fundamental dichotomies and the related impossible ideals that are presented as the hackneyed basis for bogus "solutions."

Events where the ruling classes meet tend to rub in our faces the basic social facts that systems based on enforcing frauds are operated by the best available professional hypocrites. AGAIN, I emphasize that realistic resolutions of the real problems would require enough people not only understanding global economy as organized crime, but also, enough people understanding how and why that was necessary.

In reply to by whether underground

RedBaron616 JRobby Mon, 01/22/2018 - 20:43 Permalink

Nonsense. You talk like a socialist. Someone has more than I do. Waaa!  Waaa! Try saving money instead of spending every dollar you make. Eat at home. Don't buy the latest $1,000 smartphone. I have had only one smartphone, it cost $300, and it is going on its 4 year! I also drive used cars. Much less depreciation and I bought it outright. I owe no one for it. You whiners go buy a new car with a 6 or 7 year loan. Cry me a river.

In reply to by JRobby

Jtrillian RedBaron616 Mon, 01/22/2018 - 20:59 Permalink

The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” - Thomas Jefferson

Your saying that while the market is at all time historic highs and massively overbought.  Let's revisit this when the next market downturn arrives (if ever). 

You are correct that lots of innocent people die.  That is the price people must pay for their apathy and complacency.  Never forget... all evil needs to succeed is for GOOD PEOPLE to remain silent.  People have remained silent for too long and now we are living in a McCarthiest/Orwellian society and it is advancing at a rapid pace. 

You say that all people have to do is work hard.  For some people you are correct.  But I know plenty of people who work harder than most and they barely get by.  It wasn't always that way.  We now live in a society where 60 hours is the new 40 and many households have both spouses working just to get by when it used to be one spouse working, they didn't need a college education, AND they still lived pretty well.  Understand that tyranny is tenacious and patient.  It often takes hold quietly over the decades/generations. 

It's dangerous thinking when you imply "it's not that bad".  You are trying to rationalize a society that is in serious decline (not so if  all you pay attention to is the DOW).  Make sure you take a step back and assess if that warm bath you are taking isn't a pot being turned up to a boil (see the boiled frog parable). 

One final note.  I do not look forward to what comes next.  I realize better than most that any revolution would create a power vacuum and there are more than a few special interests who would be more than happy to step in and replace the current government with their own form of tyrannical rule. Revolutions do not guarantee progress.  We were truly fortunate (and very lucky) to have the nation that our forefathers created.  Unfortunately, the same cannot be said today.

In reply to by RedBaron616

PGR88 Mon, 01/22/2018 - 16:53 Permalink


first handlers of newly printed money will always reap the outsized rewards from it. That's been known since the early 18th century.