Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population – a figure that has fallen from 388 just five years ago, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.
Oxfam said it is vital that governments return to the negotiating table before the new agreement takes effect from 2020 to strengthen pledges of emissions cuts and agree to new finance levels.
Oxfam commended the World Bank for connecting the need to tackle climate change with the urgent fight to end poverty. In a new report, the Bank warned that more than 100 million additional people could be pushed into poverty by crop failures, floods, hunger, and other shocks caused by climate change.
Oxfam is disappointed that the EU’s planned new “Trust Fund for Africa”, intended to address migration, risks being used more for border security purposes, rather than fighting poverty and inequality.
The Credit Suisse report today shows that the number of millionaires is rising despite slowed economic Inequality is growing faster than we had thought – Oxfam predicted the richest one percent would own more than the rest of us by 2016. The fact that it has happened this year underlines the urgency of the problem.
In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.
The World Bank is forecasting that, for the first time ever, the number of people living in extreme poverty will fall under 10% of the world's population, to around 702 million people.
Oxfam welcomes Pope Francis' message on human rights and justice for sustainable development, delivered at the opening of the historic Sustainable Development Summit in New York.
Oxfam joins world leaders, civil society and people around the world to celebrate the adoption of the Sustainable Development Goals by world leaders at the United Nations, but cautions that progress toward them must be tangible, political and disruptive.
More than 200 million people will be trapped unnecessarily in extreme poverty - despite world leaders’ pledge to end it - unless action to tackle economic inequality is accelerated.