Monday, January 18, 2016

Oxfam statistics on the rich poor divide ..

Startling facts from Oxfam !!

The richest 1% of the world own more than the other 99% of world population !!

The richest 62 people  of the world own more than the poorest 50% of world population (down from 388, five years ago) !!


Wilfredo Pareto (Pareto's 80-20 rule) said at the beginning of 20th century, 80% of land in Italy was owned by 20% of people and vice versa. It had been extended to global wealth later, that 80% of the wealth of the world is owned 20% of its population and vice versa ... He has been proved completely wrong now !!

Oxfam 99-1 rule (thanks to capitalism) is running now ! Richest 1% own about 51% of the world wealth, the other 99% owning the balance 49% ... I had read in the Economist last year that approximately 2000 families of the world last year were having control of 40 % of global wealth..

Do not where globalization, capitalism, global trade, global stock markets etc are taking humanity. Will we have something like the stage set before the start of the French revolution, great inequality and then the revolution, hope not ! Lets hope the earth finds some commonly acceptable formula whereby wealth is more equitably distributed !!

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