Oxfam Ineqality Report 2019: Highlights

About

This year’s Oxfam Inequality Report titled “Public Good or Private Wealth” reflects the gap between the rich and poor in this world. Oxfam International was established in 1995 by a group of independent NGO whose objective is to work together for reducing poverty and injustice. The secretariat is based in Nairobi, Kenya.

The wealth of the world's billionaires increased by $900 bn in last year alone.
The wealth of poorest half of humanity fell by 11%.
Women are more often among the poorest people, especially during reproductive years.
In rich countries wealth is undertaxed, the average top rate of people income tax fell from 62% in 1970 to 38% in 2013.
In developing countries, the average top rate of personal income tax is 28%.
Globally women earn 23% less than men and men own 501% more of the total wealth than women.
The average number of children dying before they are five has decreased in almost every country in recent years but the gap between rich and poor is still unacceptable. A child from a poor family in Nepal is three times more likely to die before their birthday than a child from a rich family.

The Indian billionaire’s wealth crossed $400 bn (Rs 28000bn) making the single largest increase since 2008 financial crises.
Top 1% holds 51.53% of the national wealth whereas the bottom 62%, the majority of the population own merely 4.8% of the national wealth.
Wealth of top 1% increased by 39% whereas wealth of the bottom 50% increased a dismal 3%.
India’s top 10% of the population olds 77.4% of the total national wealth.
The wealth of top 9 billionaires is equivalent to the wealth of the bottom 50 % of the population.

All governments must set concrete, time-bound targets and actions to reduce inequality as part of their commitments under SDG.
Provide Universal Public Service, stop supporting privatization of public services.
Wealth inequality is significantly higher than income inequality, so taxing wealth can make an important contribution to reducing economic inequality.
Tackling corruption is central to reducing inequality.

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