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Billionaire fortunes have risen six times faster than the wages of ordinary workers since 2010. Our failing economies are enriching a wealth minority while millions of ordinary workers are struggling to survive on poverty pay.
The International Monetary Fund’s advice to countries promotes policies that fail to reduce inequality and may even increase it, according to Oxfam research. This advice clashes with what their own research shows countries should do to reduce inequality.
A Brazilian earning the minimum wage would have to work for 19 years to earn as much as what a rich person in the country's top 0.1 percent makes in one month, according to new Oxfam research.
Since the turn of the century, the poorest half of the world’s population has received just 1% of the total increase in global wealth. Meanwhile, half the new wealth has gone to the richest 1%. To help reverse this trend, we need rapid growth of equitable business structures with purpose, fairness and sustainability embedded into their model.
Since joining the Tree Tomato Women's Cooperative Flonira has earned enough money to renovate her house, grow her own tree tomato plantation and send her son to China for his studies. In doing this she has broken perceptions of women in her community who are now valued and respected for their contributions to the household.
High levels of inequality across Africa have prevented much of the benefits of recent growth from reaching the continent’s poorest people. To combat inequality in Africa, political and business leaders have to shape a profoundly different type of economy.