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Number of global billionaires has doubled since the financial crisis
Key Excerpts from Article on Website of The Independent (One of the UK's leading newspapers)
Posted: November 10th, 2014
http://www.independent.co.uk/news/world/politics/number-of-g...
The number of billionaires has doubled since the start of the financial crisis, according to a major new report from anti-poverty campaigners. According to Oxfam, the worlds rich are getting richer, leaving hundreds of millions of people facing a life trapped in poverty as global inequality spirals out of control. The report found that the number of billionaires in the world has more than doubled to 1,646 since the financial crisis of 2009, and Oxfam says is evidence that the benefits of a return to economic growth are not being shared with the vast majority. The influential report is supported by Bank of England chief economist Andrew Haldane and Nobel Prize-winning economist Joseph Stiglitz. Mark Goldring, Oxfams chief executive, said: Inequality is one of the defining problems of our age. In a world where hundreds of millions of people are living without access to clean drinking water and without enough food to feed their families, a small elite have more money than they could spend in several lifetimes. Earlier this month the OECD said global inequality was at its worst levels since 1820. Mr Haldane agreed, saying: In highlighting the problem of inequality Oxfam not only speaks to the interests of the poorest people but also the wider collective interest: there is rising evidence that extreme inequality harms, durably and significantly, the stability of the financial system and growth in the economy. It slows development of the human, social and physical capital necessary for raising living standards and improving well-being.
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