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Report: World's wealthiest 'could all sit comfortably in a single train carriage'

By Catholic Online (NEWS CONSORTIUM)
January 20th, 2014
Catholic Online (www.catholic.org)

The rich get richer. This bitter saying may have its basis in truth. According to a new report by Oxfam, "Working for the Few," 85 individuals owe more than half of the entire world's wealth and hide their earnings in tax havens across the world. Contrary to former U.S. president Ronald Reagan, there is no "trickle-down theory" at work here. Those with money are intent on keeping it; away form others who go to sleep nightly hungry.

LOS ANGELES, CA (Catholic Online) - Published ahead of the World Economic Forum meet in Davos, Switzerland, the report details the impact that widening inequality is having in both developed and developing nations.

"It is staggering that in the 21st Century, half of the world's population own no more than a tiny elite whose numbers could all sit comfortably in a single train carriage," Oxfam Executive Director Winnie Byanyima said.

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According to the report, the richest individuals and companies in the world hide trillions of dollars away in a web of tax havens around the world. "It is estimated that $21 trillion is held unrecorded and off-shore," it said.

In the meantime, the World Economic Forum Annual Meeting at Davos, Switzerland will highlight efforts being undertaken to turn around the economy this week.

The rich and powerful from across the world will meet in a snow-laden Alpine resort town of Davos will be attended by nearly 40 heads of government among more than 2,500 global leaders from over 100 countries.

The Indian delegation at the summit will highlight the efforts taken by the government to turn the economy around.

"It will focus on the investor-friendly measures that have been taken such as easing restrictions on foreign investment, resolution of bottlenecks in project clearance and taking steps towards fiscal consolidation," the delegation says.

The meeting is being held at a time when global economic crises have given way to an increased need for further structural reforms in emerging and developed markets and India is no exception to the rapid economic changes being witnessed in the world.

Pope Francis calls for your 'prayer and action'...

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