1% are Richer than Rest of the World

1% are Richer than Rest of the World

Let’s take a break from tax talk today and talk about the glaring inequality we are faced with everywhere in the world.

According to a Financial Post article, “Richest 1% are now wealthier than the rest of the world combined, Oxfam Says,” by Ben Hirschler and Noah Barkin, only 62 people (yes 62, 53 are men) are wealthier than the poorest half of the entire world population of 3.5 billion.  This had dramatically decreased from 388 people five years ago.

These results came from a recent report from Oxfam, an anti-poverty charity organization.  Oxfam says that the wealth of the 62 people increased 44%, or more than half a trillion dollars over the past five years, while the wealth of the bottom half has fallen by over a trillion. 

It is a sad fact, even here in our country, that income inequality has reached these levels.  And to make it worse, the wealth is “far from trickling down” as it is all being sucked upwards.

This report is a major wake up call for all of us.  This inequality needs to be addressed and one of the many ways to address it is to be able to learn more about how to take control of your finances and eventually be financially free. At KD, there are a number of ways to continue learning – from our memberships to the financial boot camp.  There are also a lot of reading materials you can get over the internet. Remember, it is everyone’s responsibility to be able to continue gaining knowledge and experience not just in finances but in other areas of life as well.

Let’s finish this blog with an apt quote from Warlock author Michael Scott, “The day we stop learning is the day we die.”

Source:  “Richest 1% are now wealthier than the rest of the world combined, Oxfam Says,” by Ben Hirschler and Noah Barkin, January 18, 2016, http://business.financialpost.com/news/economy/richest-1-are-now-wealthier-than-the-rest-of-the-world-combined-oxfam-says

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