World’s 85 Richest People Have Same Wealth as 3.5 Billion Poorest
The world’s 85 richest people have as much money as 3.5 billion of the poorest people, according to a new report.
The report, “Working for the Few,” was released today by Oxfam International, an organization that combats world poverty.
The study also claims that "almost half of the world’s wealth is now owned by just one percent of the population" who are worth $110 trillion.
"Instead of moving forward together, people are increasingly separated by economic and political power, inevitably heightening social tensions and increasing the risk of societal breakdown," states the Oxfam report.
According to RT.com, Oxfam Executive Director Winnie Byanyima stated at a news conference today, "It is staggering that, in the 21st century, half of the world’s population, that’s three and a half billion people, own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus."
Oxfam is calling for “making public all the investments in companies and trusts for which they are the ultimate beneficial owners" and “challenging governments to use tax revenue to provide universal healthcare, education and social protection for citizens.”
Calls for reform are not only coming from Oxfam, but also from Gil Dibner, a venture capitalist at DFJ Espirit.
Dibner recently wrote on VentureBeat.com how investors around the world are getting burned by crooked venture capitalists:
I have met too many founders in London, Edinburgh, Berlin, Belgrade, and beyond that have been (pardon my Americanism) screwed by unscrupulous or unprofessional VCs or angels. In far too many of these cases, the situation is basically unrecoverable: the cap table, legal terms, and investor base of the company have become so toxic that no new investor will be likely to go through the pain of rescuing the situation – and things typically just unravel from there.
Dibner has proposed a "VC Code of Conduct" to keep his fellow venture capitalists on the straight and narrow.