NEW YORK – In 2012 the world’s 100 richest people earned a combined income of $US180 billion. That’s enough money to end world poverty four times, according to Oxfam.
NDJ World | Published: Jan 21 2013 World News
Oxfam, the global agency that seeks solutions to end world poverty, said that because of the global economic crisis, the super wealthy are becoming even richer.
Somalian children in Mogadishu waiting for food. Photo Credit: Photo News
“The rich 1 percent saw it’s income increase by 60 percent in 2012. The financial crisis only speeds up that process instead of slowing it down,” said Oxfam.
Since the financial crisis began, sales of luxury products have experienced a growth rate of 10 percent per year, while people living in extreme poverty have to survive on $US1.25 per day, according to the agency.
Oxfam is asking world leaders to end world poverty by 2015 and demands the scales of poverty vs. riches are brought back in alignment. “The extreme wealth of just a few is unethical versus those living in upper poverty,” Oxfam says.
The agency claims that the gap between the affluent and the very poor is widening to times once witnessed in the U.K..
“In the United Kingdom the gap between the poor and rich is increasing to the same level it was at the time of Charles Dickens. In China, 60 percent of all income goes to just 10 percent of the population. And the gap between rich and poor in South Africa is larger today than it was at the time of Apartheid,” Oxfam said in a statement.
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