Statically if we tries to comprehend the data globally on the list of world’s richest people, it is quite easy, well-known that handful of few owns or control the 50% of the world population ,if you happen to read the book “The price of inequality “ written by American Economist and a Nobel prize winner Joseph Stiglitz , In his book clearly states “1% of the world population holds 99% world’s wealth “According to Oxfam “The richest 1% is going to own more than all by 2016” .The staggering inequality throws out a huge challenge, to fight against the man-made crisis called “poverty”.We as a global citizen are in a time where 1 out of 9 people has anything left to eat or more than a billion people still live with 1.25$ a day.According to Oxfam research paper increase,the share of wealth is 4% ie is 44% in 2009 to 48% in 2014., which is going to be 50% in 2015. The reason for their meteoric growth in wealth is exploitation of resources both nature , human for cut throat profiteering, Evasion of tax by Corporation ,rich ,skewed policy & economic measures favouring few , Low wages inadequate for living, non-imposition of tax on wealth&capital. As per the data UHNI(have wealth of 3 crore or more in dollar terms) ,North America tops the list by 65,475 followed by Europe ,Asia pacific region in the third position where more concentration of world’s population happens to be & , African region is having least no ofUHNI only 1024.
Wealth Distribution World- wide
The wealth distribution is so skewed and concentrated, Billionaires, Centa millionaires, UHNWI and millionaires controls the wealth of the total population globally. So people who are living in poverty has been left with no option, but to live on extreme poverty with no shelter, food & no money to take care of their health. As per the above, data the accumulation of wealth in this hands of this few is only going to go up year after year.
Richest 80 equals the wealth of 50% of the total world population
The data is startling to see how the wealth accumulation trends pan out to be , 80% of the world richest people holds fortune, which is equal to the combined wealth of 50% of the world population,which is roughly 3645 trillion. So rich keeps getting more richer as years go by, Generally the predicament of the poorest still goes bad to worst. Rich thinks of getting more richer and improve his or her fortune, but poorest of the poor struggles to get half a square meal a day.
World’s share of wealth, based on income group
0.7% of the world population owns and controls 41% of the world’s wealth which comes to above or equal to 1 million USD and 42.3% world’s wealth is controlled by 7.7% (1 lakh to 1 million), and between 10,000-10,0000 USD is controlled by 13.7% which roughly equal to 22.9% of the world population, 3% of the population controls wealth of 68.7% of the population having less than 10,USD ie is in Indian rupees it amounts to Six lakh rupees.
More than half of the Extremely poor globally is in India
India and china are two most populated country where more than 50% of the world population resides, India is having 33% extremely poor which is 18% of the world population, and followed by china with 13% of the which is 19% of the world population , China as country has reduced their level of poverty , but India as a country has a long way to go.
So the time has come to address the issue on a global basis, by legislating new policies, renewed effort to control the poverty, increased and equitable distribution of natural resources and farmlands. Certainly efforts are showing a reduction in poverty levels compared 10 to 20 years back, But the effectiveness of measures adopted are not giving an encouraging sign to look forward.
Sources of data: http://www.statista.com/,