Tag Archives: richest

Richest 1% to own more than rest of world, Oxfam says

The wealthiest 1% will soon own more than the rest of the world’s population, according to a study by anti-poverty charity Oxfam.

The charity’s research shows that the share of the world’s wealth owned by the richest 1% increased from 44% in 2009 to 48% last year.

On current trends, Oxfam says it expects the wealthiest 1% to own more than 50% of the world’s wealth by 2016.

The research coincides with the start of the World Economic Forum in Davos.

The annual gathering attracts top political and business leaders from around the world.

Read more » BBC
Learn more » http://www.bbc.com/news/business-30875633

85 People Hold As Much Wealth As Poorest 3.5 Billion

Oxfam: Richest 1% own nearly half of world’s wealth

The richest 1% own 46% of global wealth

Almost half of the world’s wealth is owned by just 1% of the world’s population, according to a report published just days before the start of the World Economic Forum’s annual meeting, where the topic of rapidly increasing income disparities will be a major focus.

In its study titled “Working for the Few,” the British-founded development charity Oxfam concludes that the $110 trillion wealth of the 1% richest people on the planet is some 65 times the total wealth of those floundering at the “bottom half” of the world’s population.

Further, this poorer “bottom half” now has about the same amount of money as the richest 85 people in the world, and the wealthiest grew their share of bounty in 24 out of 26 countries surveyed between 1980 and 2012, the study says. The research was compiled using data from Credit Suisse’s World Wealth report and the Forbes’ billionaires list.

“In the last 30 thirty years seven out of 10 people have been living in countries where economic inequality has increased,” Nick Galasso, one of the co-authors of the study, told USA TODAY. “This is a trend that has been unfolding globally for the last two or three decades. What we’ve not seen is any political will toward curbing it.”

Read more » USA Today
http://www.usatoday.com/story/news/world/2014/01/20/davos-2014-oxfam-85-richest-people-half-world/4655337/

America Doesn’t Have #1 Richest Middle-Class in the World…We’re Ranked 27th!

Big Lie: America Doesn’t Have #1 Richest Middle-Class in the World…We’re Ranked 27th!

America is the richest country on Earth. We have the most millionaires, the most billionaires—and a increasingly poor “middle class.”

America is the richest country on Earth. We have the most millionaires, the most billionaires and our wealthiest citizens have garnered more of the planet’s riches than any other group in the world. We even have hedge fund managers who make in one hour as much as the average family makes in 21 years!

This opulence is supposed to trickle down to the rest of us, improving the lives of everyday Americans. At least that’s what free-market cheerleaders repeatedly promise us.

Unfortunately, it’s a lie, one of the biggest ever perpetrated on the American people.

Our middle class is falling further and further behind in comparison to the rest of the world. We keep hearing that America is number one. Well, when it comes to middle-class wealth, we’re number 27.

The most telling comparative measurement is median wealth (per adult). It describes the amount of wealth accumulated by the person precisely in the middle of the wealth distribution—50 percent of the adult population has more wealth, while 50 percent has less. You can’t get more middle than that.

Wealth is measured by the total sum of all our assets (homes, bank accounts, stocks, bonds etc.) minus our liabilities (outstanding loans and other debts). It the best indicator we have for individual and family prosperity. While the never-ending accumulation of wealth may be wrecking the planet, wealth also provides basic security, especially in a country like ours with such skimpy social programs. Wealth allows us to survive periods of economic turmoil. Wealth allows our children to go to college without incurring crippling debts, or to get help for the down payment on their first homes. As Billie Holiday sings, “God bless the child that’s got his own.”

Well, it’s a sad song. As the chart below shows, there are 26 other countries with a median wealth higher than ours (and the relative reduction of U.S. median wealth has done nothing to make our economy more sustainable).

Read more » AlterNet
http://www.alternet.org/economy/americas-middle-class-27th-richest

Brown Pundits – Pakistan; the sausage factory is getting exposed

Pakistan: the sausage factory is becoming dangerously transparent

By Omar

The latest scandal in Pakistan involves the leading business tycoon of the country spending (he claims) 340 million rupees on the son of the chief justice of Pakistan. Said tycoon Riaz Malik used to be a struggling contractor who hit paydirt with high-end housing colonies named “Bahria colony” (the name means “navy”…and some admirals are said to have sold him access to that name and the authority of Pakistan’s smallest armed force). Now one of the richest men in the country, Malik Riaz has been profiled in this documentary by TV anchor Sohail Warraich.

Suggested names for this scandal include “bahriagate”, “familygate” and, more originally (from lawyer Feisal Naqvi) “liti-gate”! Conspiracy theorists are busy trying to figure out if this whole thing was orchestrated by the army (unhappy over the chief justice’s asking questions about missing persons in Balochistan) or by Zardari or by the CIA and Mossad and RAW.

But whatever the details, one thing is clear to an outside observer. The walls of the sausage factory are becoming dangerously transparent. 11 retired generals work for Malik Riaz. Many admirals and generals smoothed his path to wealth. Many journalists are being accused of being on his payroll. And its not just this scandal. The son of the prime minister is accused of smuggling controlled substances. The brother of the almighty army chief is being targeted in a whispering campaign. Secret agencies, hidden camera videos, trips to Monte Carlo with mysterious women…its all out in the open or threatening to come out. All this has happened in other countries (well, maybe some of it has). but times are tough, the economy may tank, the security establishment has got itself into a fight with its traditional American patrons. There was never a real national ideology behind the claptrap taught in 6th grade. What will hold the center? These things can get out of hand.

Continue reading Brown Pundits – Pakistan; the sausage factory is getting exposed

Bringing Punjabiyat Back

BY: SCHONA JOLLY

“PUNJABI IS MY MOTHER TONGUE, my blood, my soul, my language. I think, dream and feel in it. I will also die in it,” proclaims Amarjit Chandan, an acclaimed poet born in Kenya. “In pardes (abroad),” he explains of his adult life spent in London, “I invented the Punjabiland.”

For a land that has been home to some of the world’s richest civilisations, modern Punjabi culture remains remarkably little known outside the noisy clichés of Bollywood and music videos. As the Indian state of Punjab grapples with complex social and economic issues, the Pakistani province of Punjab collapses due to political woes, and a large diaspora stays settled all over the globe, Punjabi poets and storytellers of old seem to be disappearing along with the water levels in the land of the five rivers. But Punjabis are nothing if not adept at handling change—it is the legacy of their own turbulent history, after all—and there are small but significant signs, that this vibrant melting-pot culture is on the verge of reemergence.

History has not been kind to the people of Punjab. The brutal division of the state during Partition led to both carnage and to one of the biggest mass population movements during the 20th century. Amidst the riots, butchery, rape and devastation, Punjabis of all religious persuasions suddenly found that they had to create new identities. In Pakistan, those identities had to be established through a new, Urdu-speaking nationalist ethos that sought to reimagine the country’s history and culture by severing ties with its neighbour. In India, those identities had to be reshaped by millions of refugees whose culture, possessions, love and longing belonged to another place. In the decades after Partition, hundreds of thousands of Punjabis from both East Punjab, in India, and West Punjab, in Pakistan, left their homelands to seek sanctuary and a new life abroad. For all of these people, the historical and cultural ties to their motherland had to be reforged. The multi-hued complexion of both states had become altered radically overnight.

Lahore, the united Punjab’s former capital, had long been considered the jewel in the crown of North India and had been developed as a cultural capital under both the Mughals and Maharaja Ranjit singh. “Jisne Lahore nahi dekhya, woh janmia nahi (Those who have not seen Lahore, have not lived),” proclaimed popular lore at the time. …

Read more : Wichaar