Davos: How The Rich Have Only Got Richer Since 2000 - World Politics - News - The Independent

Davos: How the rich have only got richer since 2000 | World Politi... http://www.independent.co.uk/news/world/politics/rich-have-only...
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Davos: How the rich have only got richer
since 2000
As world leaders gather in Davos, new data shows how the world has
only become more unequal under their watch
Harry Lambert | @harry_2016 | 19 hours ago | ! 21 comments
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The share of income going to the top one per cent is higher than ever Getty Images
Less than one per cent of the wealth created since 2000 has gone
to the poorest 50 per cent of the world's population, new
research has revealed.
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most powerful heads of state gather in Davos for the start of
Culture Lifestyle
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the annual four-day summit.
Fifteen years into the millennium, the evidence suggests the

worlds rich are only getting richer, while the least well-o half
of the world remain in borderline poverty.
For every $1 of wealth created since 2000, the poorest

half of the globe have earned 1
Less than 1 per cent of the wealth created since 2000 has gone to the bottom 50 per cent (the
blue slither).
Bottom
50% (0.8)
Top 50%
99.2
Source: Oxfam Get the data
The poorest 3.5 billion people across the globe earn less than
830 ($1,200) a year thats 2.30 a day. The same group own
less than one per cent of all the worlds wealth.
They own so little that the worlds 62 richest people own as much
as all of them combined, Oxfam revealed earlier this week.
& In pictures: The worlds top billionaires
' (
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& 19
show all
In other words, each of these 62 billionaires is as rich as 60

million people.
Heres how the worlds wealth is divided. Most of it is owned by

the top one per cent.
3 of 17 21/01/2016, 10:16
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The bottom 50 per centthe blue slither in the red pieown less than 1 per cent of all global
#$%
wealth.
Bottom
50% (0.7)
Top 1%
50.0
51-90%
11.8
91-99%
37.7
While income and wealth are not the same thing, the wealthiest
one per cent typically earn at least 35,000.
These are the people who have proted over the past 15 years.
For every $1 of wealth created, they have earned 51, while the
poorest 3.5 billion have earned less than 1.
4 of 17 21/01/2016, 10:16
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many cents the rich and poor have made
Lifestyle
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Less than 1 per cent of the wealth created since 2000 has gone to the bottom 50 per cent (again,
the blue slither).
Bottom
50% (0.8)
Top 1%
51.1
51-90%
13.2
91-99%
35.9
The two pies are almost identical. The top one per cent continue
to account for the majority of the new wealth.
As a result, the share of income going to the top one per cent is
higher than ever, while the share going to the poorest 50 per cent
remains almost non-existent.
Since the end of the global nancial crisis in 2009, the share
going to the top 1 per cent has risen from 44 per cent to 50 per
cent.
5 of 17 21/01/2016, 10:16
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Under Obama the proportion of wealth going to the top 1% has risen from 44% to 50%.
#$%
Top 1% Bottom
50%
100.0
80.0
60.0
40.0
20.0
0.0
2000 02 04 06 08 10 12 2014
The worlds developed countries spent $135bn on foreign aid in

2014.
Thats enough to give each of the people who make up

the worlds poorest half an extra $39 a ve-per-cent pay rise for
the richest among them, and a much greater increase for the
poorest.
But that would leave them with a pittance compared to the

earnings of the worlds richest.
As world leaders gather in Davos, the message is clear: While

extreme poverty has been reduced in the past fteen years,
relative poverty is greater than ever.
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0:00 / 1:49
DiCaprio slams 'corporate greed' during Davos WEF awards
Inequality in the developed world
These ndings, uncovered in Oxfams research by the

Independent, echo the rise in pay inequality across the developed
world.
Over the past four decades, the pay of American chief

executives has risen 11 times as much as that of the typical
American worker.
While American companies are now six times as valuable as they

were in 1978, the pay of the American worker has barely risen.
7 of 17 21/01/2016, 10:16
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quickly as typical wages since 1978
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Companies are six times as valuable as they were in 1978, but the wages of the typical worker
have barely risen in that time.
CEO pay
14.0
Stock market
value
Typical worker pay
10.0
5.0
0.9
1980 85 90 95 00 05 2010
Source: EPI Get the data
Many Americans feature in the worlds top one per cent.

Compared to the rest of the world, they have benetted over the
past 15 years.
But it is their bosses who have proted most since 2000.
Its the same story in the UK. Last year FTSE, chief
executives earned more than 180 times as much as the average
worker.
So far in 2016, the typical FTSE boss has earned 230,000 in

less than three weeks.
Thats more than ve times as much as the poorest 3.5 billion

people in the world will earn in a lifetime of work.
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And yet FTSE 100 companies are not any more valuable
collectively than they were in 2000.
For most of the past 15 years, they have been less valuable.
And so far in 2016, the FTSE 100 has lost nearly a 10th of its
value, while its chief executives have been paid almost
250,000.
As world leaders gather, the statistics shine a spotlight on those

who have prospered most during their decades in power.
More about: | Inequality| Davos |

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COMMENTS
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21 Comments Subscribe RSS
clocktower 3 hours ago

Oh how wish that i was rich then i would not be writing crap
about crap.
Reply Share +1 likes ) *
DaveDavis 3 hours ago

How much of the wealth did the poorest 50% create?
Actually, quite a lot. They work in sweatshops making clothes,

shoes, etc. That we buy cheap. So if we pay them more, we
have to pay more in the shops. So will you pay more for goods,
have to buy less, so they can have a better living.
The money won't be coming back here buying our goods, we

don't make anything they need.
Of course, those at the top made more than the rest, by

supplying goods the masses demand.
What we have in the UK is a high tax system, contrary to Left

Wingers it's impossible to live here and not pay taxes. What
the West has to do is eliminate loopholes like basing a
company in a Third World, or EU, low tax country.
PiedNoir 13 hours ago

we need the rich to create wealth and the poor to gather
crumbs
Reply Share 0 likes ) *
PiedNoir 13 hours ago
10 of 17 21/01/2016, 10:16
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0 likes ) *
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hellyoulookingat 14 hours ago
Must be the Muslims fault
Reply Share 1 reply 0 likes ) *
OldBob 3 hours ago

Must be the Jews fault
Must be Western Foreign Policy
Must be white English patriarchal society fault
...see how stupid your (and OPiedNoir coments actually
are?
OldBob 16 hours ago

Life is not fair accept it - whilst I recognise that in many areas
there is little choice (and probably why so much violent
disaection) in Europe you should vote with your feet if you
don't like it. I think Footballers and Pop stars etc are massively
overpaid - so I choose not to subscribe to any of their products.
Many very rich people are hugely philanthropic too so that
needs to be recognised.
Reply Share 3 replies -3 likes ) *
Mac Foon 15 hours ago

While I do agree that Footballers and Pop starts are
overpaid, at least they earn their money in a most fair
way. We pay them and we do it gladly, by enjoying what
they do.
On the other hand some of the rich people made their
money by running monopolies (utilities like gas,
electricity), privatized trains, selling arms and actively
creating demand for them, ddling with peoples' money,
interest rates and so on
Reply Share 2 replies +6 likes ) *
anti-morons 14 hours ago

Usury is prevalent as it ever was. The banking
industry is nothing but usury. These banks, and
countries whose bankers are holding purse strings
11 of 17 21/01/2016, 10:16
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forced to pay huge sums in retribution to the
people, the world over, defrauded by them.
Reply Share 1 reply +2 likes ) *

Once you get a global agreement on that, be
sure to let everyone know.
AM think it through if the UK did it alone.

mark_0 17 hours ago

Around half of the people in the bottom 1% live in the
European Union and the United States. The problem with
using wealth in this way is that people can have negative
wealth. A signicant number of people in both regions, for
example, have student debt. And in a rich society it is possible
to have more debt than assets. That isn't really possible in
poorer regions.
I don't think that students with debt and people embarking on

their career who have debt are really comparable to the poor of
sub saharan Africa for example.
The data used here mixes the two.
While I think that extreme inequality is inherently bad for

society that argument isn't helped by using data like this.
Apache 17 hours ago

Tories have g@y sex with their supporters using poppers.
Reply Share 1 reply -1 likes ) *
Chris Townsend 4 hours ago

Ther is nothing better than a statement based upon
personal experiences.
Well done.
12 of 17 21/01/2016, 10:16
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Rich business shares
people.......get
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richer headline shocker
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Reply Share 0 likes ) *
Grasscroft 18 hours ago

If you want a world and Country that distributes wealth more
appropriately .... YOU FIRST HAVE TO BREXIT
Once a government has the reigns and control ... Then you
choose which government you want...
It really is that simple....

Reply Share 2 replies +1 likes ) *
ManoloLuopio 17 hours ago

Taxation is exclusively a national matter, always has
been, always will be.
The EU tried to get countries to agree to a nancial

transaction tax, and guess which country refuses to
entertain such an idea? Looks like the majority will go
ahead, with the UK opting out.
Reply Share 1 reply +2 likes ) *

You can not make any claim about what the EU
will demand from us. They are trying to create a
Federal Europe under a central Government.
Show more comments
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Davos: How the rich have only got richer since 2000 | World Politi... http://www.independent.co.uk/news/world/politics/rich-have-only...

News World World Politics

Fifteen years into the millennium, the evidence suggests the

For every $1 of wealth created since 2000, the poorest

Source: Oxfam Get the data

& In pictures: The worlds top billionaires

In other words, each of these 62 billionaires is as rich as 60

Heres how the worlds wealth is divided. Most of it is owned by

Source: Oxfam Get the data

0 News Voices Culture

Source: Oxfam Get the data

Source: Oxfam Get the data

The worlds developed countries spent $135bn on foreign aid in

Thats enough to give each of the people who make up

But that would leave them with a pittance compared to the

As world leaders gather in Davos, the message is clear: While

DiCaprio slams 'corporate greed' during Davos WEF awards

Inequality in the developed world

These ndings, uncovered in Oxfams research by the

Over the past four decades, the pay of American chief

While American companies are now six times as valuable as they

Source: EPI Get the data

Many Americans feature in the worlds top one per cent.

But it is their bosses who have proted most since 2000.

So far in 2016, the typical FTSE boss has earned 230,000 in

Thats more than ve times as much as the poorest 3.5 billion

As world leaders gather, the statistics shine a spotlight on those

More about: | Inequality| Davos |

Log in or register to comment

21 Comments Subscribe RSS

clocktower 3 hours ago

DaveDavis 3 hours ago

Actually, quite a lot. They work in sweatshops making clothes,

The money won't be coming back here buying our goods, we

Of course, those at the top made more than the rest, by

What we have in the UK is a high tax system, contrary to Left

PiedNoir 13 hours ago

PiedNoir 13 hours ago

OldBob 3 hours ago

OldBob 16 hours ago

Mac Foon 15 hours ago

anti-morons 14 hours ago

DaveDavis 3 hours ago

AM think it through if the UK did it alone.

mark_0 17 hours ago

I don't think that students with debt and people embarking on

The data used here mixes the two.

While I think that extreme inequality is inherently bad for

Apache 17 hours ago

Chris Townsend 4 hours ago

Grasscroft 18 hours ago

It really is that simple....

ManoloLuopio 17 hours ago

The EU tried to get countries to agree to a nancial

DaveDavis 3 hours ago

Show more comments

This map shows just

5 of the worst atrocities

How the rich have only

Video shows the complete

Muslim man delivers Fireworks factory

How to help your

Settin' off from the dock