Author: Deborah Hardoon, Senior Researcher, Oxfam

Transcript:Author: Deborah Hardoon, Senior Researcher, Oxfam:
Author: Deborah Hardoon, Senior Researcher, Oxfam Link to paper http://policy-practice.oxfam.org.uk/publications/wealth-having-it-all-and-wanting-more-338125 OXFAM RESEARCH: Methodology and data sources January 2015 There were two main external data sources used for this analysis: 1 Credit Suisse Global Wealth Databook 2014 https://www.credit-suisse.com/uk/en/news-and-expertise/research/credit-suisse-research-institute/publications.html Data was extracted from the 2014 report and a STATA file which included revised calculations for global wealth and wealth shares dating back to 2000. 2 Forbes billionaires 2002–2014 http://www.forbes.com/billionaires/ Data was extracted from the Forbes billionaires list as of March each year, from 2002 to 2014. By 2016, the top 1% of people in the world will have more wealth than the bottom 99%. 80 people now have the same wealth as the bottom half of the world’s population, down from 388 in 2010. 20% of the Forbes billionaires are listed as having interests or activities relating to the financial and insurance sectors. Billionaires with interests and activities in the pharmaceutical sector saw the largest percentage increase in their wealth 2013–2014 During 2013, companies from the financial and insurance sectors spent $550m on lobbying policy makers in Washington and Brussels alone. The most prolific lobbying activities in the US are on budget and tax issues BY 2016 THE TOP 1% WILL HAVE MORE WEALTH THAN THE REST OF THE WORLD COMBINED The concept: We know that the top 1% have a huge amount of wealth, but is this amount increasing, and what does this suggest for the future? Data sources: Credit Suisse Global Wealth Databook (2000–2014) BY 2016 THE TOP 1% WILL HAVE MORE WEALTH THAN THE REST OF US COMBINED The results: BY 2016 THE TOP 1% WILL HAVE MORE WEALTH THAN THE REST OF THE WORLD COMBINED What does this tell us? The last few years have set us on a worrying trend. Since the end of the financial crisis, many people have struggled to regain jobs and to manage under austerity packages. In contrast, the richest appear to be increasing their wealth during this period, capitalizing on the increase in asset values that only they have access to. There is an urgent need to halt and reverse this trend. There are already extremely high levels of wealth inequality; let’s not let it get any worse. BY 2016 THE TOP 1% WILL HAVE MORE WEALTH THAN THE REST OF US COMBINED The critique: ‘Why extrapolate only from 2010? Wealth inequality was higher in 2000.’ The wealth share of the 1%