Globalization and Social Inequality: Obscene Wealth of Eight Mega-Billionaires
NOVANEWS
By Stephen Lendman
The super-wealth of an elite eight equals a staggering $427 billion – as much as humanity’s 3.6 billion poorest, struggling daily to survive, many not making it.
Oxfam highlighted unprecedented global inequality, threatening social stability. The chasm between super-rich and desperate poor is obscene. Instead of abating, wealth disparity is increasing, Oxfam explaining:
Since 2015, the richest 1% owns more than the rest of humanity. Eight mega-billionaires are as wealthy as humanity’s 3.6 poorest.
“Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people.”
From 1988 – 2011, the incomes of humanity’s poorest 10% increased by less than $3 a year – less than not...