Dear MEL Topic Readers,
The top 1% captured nearly twice as much new wealth as the rest of the world over last two years
The world seems to be facing an extreme crisis of wealth concentration recently. Extreme wealth and extreme poverty have both increased in the last 25 years according to Oxfam, a confederation of charitable organizations, reported. Especially in the last two years, the wealth of the top 1% increased twice as much as the rest of the world while many people have been struggling to make their living during the pandemic and soaring inflation in many parts of the world. The rich benefitted from governments’ funds used to maintain and stimulate the economy in the early stage of the pandemic, which raised the value of stocks and other assets as well as dividends. In the meanwhile, the pandemic affected many workers and their families, especially in the travel and hospitality industries. And then Russia’s invasion of Ukraine pushed up the prices of energy and food, which affect ordinary or poorer people harder.
It seems that as the world’s population grows, more people are going to suffer from poverty. What can be done to realize an economically sustainable society?
Read the article about how serious the inequality problem is in the world.
https://edition.cnn.com/2023/01/15/business/top-1-wealth-oxfam-davos/index.html
The top 1% captured nearly twice as much new wealth as the rest of the world over last two years
The world seems to be facing an extreme crisis of wealth concentration recently. Extreme wealth and extreme poverty have both increased in the last 25 years according to Oxfam, a confederation of charitable organizations, reported. Especially in the last two years, the wealth of the top 1% increased twice as much as the rest of the world while many people have been struggling to make their living during the pandemic and soaring inflation in many parts of the world. The rich benefitted from governments’ funds used to maintain and stimulate the economy in the early stage of the pandemic, which raised the value of stocks and other assets as well as dividends. In the meanwhile, the pandemic affected many workers and their families, especially in the travel and hospitality industries. And then Russia’s invasion of Ukraine pushed up the prices of energy and food, which affect ordinary or poorer people harder.
It seems that as the world’s population grows, more people are going to suffer from poverty. What can be done to realize an economically sustainable society?
Read the article about how serious the inequality problem is in the world.
https://edition.cnn.com/2023/01/15/business/top-1-wealth-oxfam-davos/index.html
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