Wednesday, January 21, 2015

World Economic Forum annual meeting to study population economics 101

The New Yorker/Borowitz Report/Andy Borowitz (Satire), 1/20/15.  "Richest one percent disappointed to possess only half of world's wealth."

DAVOS, Switzerland -  "A new Oxfam report indicating that the wealthiest one percent possesses about half of the world's wealth has left the richest people in the world "reeling with disappointment," leading billionaire said on Tuesday.

 ---- Quite frankly, a lot of us thought that by buying politicians, rewriting tax laws, and hiding money overseas, we were getting it done," said Harland Dorrinson, who owns the hedge fund Garrote Capital.  "If, at the end of the day, all we control is a measly half of the world's wealth, clearly we need to do more-- much more."  ---- Getting that other half is not going to be a walk in the park," he said.  "But ten years from now, when Oxfam says that the top one percent owns everything in the world, it'll all have been worth it." Read article.

"New Oxfam report says half of global wealth held by the 1%. Billionaires and politicians gathering in Switzerland this week will come under pressure to tackle rising inequality after a study found that – on current trends – by next year, 1% of the world’s population will own more wealth than the other 99%.  Ahead of this week’s annual meeting of the World Economic Forum in the ski resort of Davos, the anti-poverty charity Oxfam said it would use its high-profile role at the gathering to demand urgent action to narrow the gap between rich and poor. The Oxfam charity’s research, published on Monday, shows that the share of the world’s wealth owned by the best-off 1% has increased from 44% in 2009 to 48% in 2014, while the least well-off 80% currently own just 5.5%. Oxfam added that on current trends the richest 1% would own more than 50% of the world’s wealth by 2016."

Note:  graph from CBS News/Money Watch/Aimee Picchi, credit Oxfam, Credit Suisse.

Posted by Kathy Meeh

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