Super-rich are getting even richer world’s poorest left behind

News Hour:

Today’s World Wealth Report from Capgemini shows that times have never been better for the world’s wealthiest – since 2009 more than 4.5 million new millionaires have been created, rising to a total of 15.4 million millionaires across the world last year. Yet while the wealthy prosper, 702 million people living in extreme poverty are being left behind due to a broken economic system, warned a global alliance of major organisations including ActionAid, Greenpeace International, International Trade Union Confederation and Oxfam.

Jenny Ricks of the Fight Inequality Alliance said: “For every person with more than $30 million, there are over 4800 people living in extreme poverty. This gross inequality is a symptom of an unjust and unfair economic system that allows the rich to get richer at the expense of the poor.

“Last year the wealth of the richest totalled $58.7 trillion, which is over 150 times the size of the economies of all of the world’s poorest countries combined. This shows the extent money and power are concentrated in the hands of the wealthiest few.”

The report also reflects on how Capgemini have failed to predict the growing anger across the world towards those with extreme wealth, faced with rapidly rising inequality and fuelled by scandals such as the Panama Papers revealing the scale of tax avoidance by very rich people.

“The global inequality crisis is undermining the struggle for a fairer and more sustainable world, trampling on the rights of women, workers, and the poorest families. Governments must act now to reverse cuts to public spending, privatisation, tax breaks for the wealthy and the race to the bottom on human rights.”

Mridha Shihab Mahmud is a writer, content editor and photojournalist. He works as a staff reporter at News Hour. He is also involved in humanitarian works through a trust called Safety Assistance For Emergencies (SAFE). Mridha also works as film director. His passion is photography. He is the chief respondent person in Mymensingh Film & Photography Society. Besides professional attachment, he loves graphics designing, painting, digital art and social networking.
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