The eight richest people in the world (all men) have as much money as the poorest half of the world. They are Bill Gates, Amancio Ortega, Warren Buffett, Carlos Slim Helu, Jeff Bezos, Mark Zuckerberg, Larry Ellison, Michael Bloomberg.
From The Guardian:
“While one in nine people on the planet will go to bed hungry tonight, a small handful of billionaires have so much wealth they would need several lifetimes to spend it. The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become.”
Mark Littlewood, director general at the Institute of Economic Affairs thinktank, said: “Once again Oxfam have come out with a report that demonises capitalism, conveniently skimming over the fact that free markets have helped over 100 million people rise out of poverty in the last year alone.”
The Oxfam report added that since 2015 the richest 1% has owned more wealth than the rest of the planet. It said that over the next 20 years, 500 people will hand over $2.1tn to their heirs – a sum larger than the annual GDP of India, a country with 1.3 billion people. Between 1988 and 2011 the incomes of the poorest 10% increased by just $65, while the incomes of the richest 1% grew by $11,800 – 182 times as much.
Philanthropy is theoretically an expression of generosity and fellow-feeling, but in an increasingly unequal world, charitable giving is a form of reputation laundering for super-rich oligarchs who build their massive fortunes on savage programs of exploitation and immiseration. The idea is that you can paper over the fact that deliberately starting the opioid crisis made […]
The world is full of corrupt oligarchs looking to smuggle their money out of their countries and put it somewhere where the rule of law that they have helped to dismantle at home still reigns; a favourite safe asset class is luxury housing in major cities, which is viewed as easy to sell on short […]
In my latest podcast (MP3), I read my essay Occupy Gotham, published in Detective Comics: 80 Years of Batman, commemorating the 1000th issue of Batman comics. It's an essay about the serious hard problem of trusting billionaires to solve your problems, given the likelihood that billionaires are the cause of your problems. A thousand issues […]
If you suffer from sleep disorders, there are a number of methods out there to mitigate them: Ambient noisemakers, relaxation tapes, sleep masks, you name it. One thing that doesn’t get tried is headphones, for good reason. Even the smallest earbuds are liable to wake you up if you roll over the wrong way. Now […]
Looking to upgrade that old laptop or tablet? Holiday sales may be way on the horizon, but there’s an even better way to get like-new tech for a steal. Here are 10 of our favorite deals on personal computers and gaming gear – refurbished, renewed or brand new. Acer Touchscreen 11′ Chromebook 16GB (Certified Refurbished) […]
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