http://www.latimes.com/...
As business and political leaders gather in Davos, Switzerland, to discuss the improving world economy, new evidence emerged about how much the rich have become richer — and how much further the poor are falling behind.
The 85 richest people on Earth now have the same amount of wealth as the bottom half of the global population, according to a report released Monday by the British humanitarian group Oxfam International.
These findings presage the
World Economic Forum taking place this week in Davos. Yes, you've heard of it before. It's the place where artistic luminaries like Peter Gabriel, Bono and (this year) Goldie Hawn (!) rub elbows with Jamie Dimon and Lloyd Blankfein while they bask in their innate sense of deeper meaning and purpose.
It's the hippest gig in town: "Who are you wearing?"
Whether your idea of a celebrity is Goldie Hawn, the actress, or Lloyd Blankfein, chairman and chief executive of Goldman Sachs, Davos is the place to find them. The event is a mash-up of business, celebrity and charity, which can throw up some strange combinations once the panel discussions and brainstorming are over.
It's a crazy "mash-up" of soulful celebrities and compassionate bankers. They all "brainstorm" together and make things really better! It's so groovy and spontaneous-
-anything can happen!
The official agenda is important. But the event is part-founded on the idea that simply getting people to talk – especially if they’re from countries or sectors with little conventional dialogue – is of value. Whether Hassan Rouhani, president of Iran, will meet Israel’s prime minister Benjamin Netanyahu or president Shimon Peres is an interesting question.
Like, wow! I feel like I'm in an Apple commercial! Or is it Google?
It's the place to see and be seen...to show your commitment to the cause.
Many of the big chief executives will be hosting public events. JP Morgan, for instance, is holding a reception in the Kirchner Museum Davos, which allows you to mingle with Dimon and other executives while looking at some of Switzerland’s best Expressionist paintings. Last year, the lavatories were scattered with rose petals – nice touch.
Fabulous! Allowed to mingle with Jamie Dimon! But what a bummer these OxFam dudes, huh?
The share of wealth owned by the richest 1% since 1980 expanded in all but two of the 26 nations tracked by researchers in the World Top Incomes Database. That has put a "massive concentration of economic resources in the hands of fewer people," the report said.
Falling taxes for the rich and an increased use of tax havens have helped widen income inequality, Oxfam said.
The group called on World Economic Forum participants, which include some of the wealthiest and most influential corporate executives, to take steps to reverse the trend.
Among other things, Oxfam wants them to support progressive taxation, pledge not to dodge taxes, pay a living wage to workers at their companies and push governments "to provide universal healthcare, education and social protection" for their citizens.
Oh they're listening. They'll talk to you right after Gabriel does "Biko." That's about South Africa. You know, South Africa? As in
Nelson Mandela? Got it? Can't you Oxfam people just give it a rest for a minute?
The bottom half of the population — about 3.5 billion people — account for about $1.7 trillion, or about 0.7% of the world's wealth, according to the Oxfam report, titled "Working for the Few."
That's the same amount of wealth attributed to the world's 85 richest people.
Those wealthy elite are a small part of the richest 1% of the world's population, which combined has amassed about 46% of the world's wealth, or $110 trillion, according to the report. The top 1% had 65 times the total wealth of the bottom half of the population.
Psst! I hear Bono and Gabriel will double up for that "In the Name of Love" song. What? It's about
who?
Wow, that is so cool!