Annual income of richest 100 people enough to end global poverty four times over

[HiPointDem]

An explosion in extreme wealth and income is exacerbating inequality and hindering the world’s ability to tackle poverty, Oxfam warned today in a briefing published ahead of the World Economic Forum in Davos next week.

The $240 billion net income in 2012 of the richest 100 billionaires would be enough to make extreme poverty history four times over, according Oxfam’s report ‘The cost of inequality: how wealth and income extremes hurt us all.’ It is calling on world leaders to curb today’s income extremes and commit to reducing inequality to at least 1990 levels.

The richest one per cent has increased its income by 60 per cent in the last 20 years with the financial crisis accelerating rather than slowing the process.

Oxfam warned that extreme wealth and income is not only unethical it is also economically inefficient, politically corrosive, socially divisive and environmentally destructive.

Jeremy Hobbs, Executive Director, Oxfam International, said: “We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often (always....) the reverse is true."

http://www.oxfam.org/en/pressroom/pressrelease/2013-01-19/annual-income-richest-100-people-enough-end-global-poverty-four-times