WEF

Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.

Inequality is a killer, contributing to the deaths of at least one person every four seconds. It makes our world less safe for all of us — and particularly for the poorest people, women and racialized groups. This is not by chance, but by choice. For a more equal future, we must fight inequality together.

Africa is losing billions to corruption, poorly negotiated deals and tax dodging. Leaders must listen to their people. They must crack down on tax dodging and maximize progressive revenues to create a more human economy for Africa.

G7 based companies and investors cheated Africa out of an estimated US$6 billion in 2010 through just one form of tax dodging, according to a new Oxfam report ‘Money talks: Africa at the G7’, released today.

Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.

Oxfam warns that in spite of the advances made in the last decade, Latin America and the Caribbean remains the region of highest wealth inequality in the world. Its elites continue to accumulate extreme wealth and excessive power.

Wealthy elites have co-opted political power to rig the rules of the economic game, undermining democracy and creating a world where the 85 richest people own the wealth of half of the world’s population, worldwide development organization Oxfam warns in a report published today.