Poor should receive rightful share of wealth

The Occupy movement erupted in several major cities across the world in 2011 but fizzled out in 2012. Their slogan was ‘We are the 99%’. That simple fact is still true today.

In January this year, Oxfam published a report on the unequal distribution of global wealth. The wealthiest 1% of the world’s population own almost half of the world’s wealth. By contrast, the poorest 50% have less than 1%. In my opinion, the concentration of such wealth at the top is a monstrous obscenity.

Suppose the poorest 50% could double their share. I reckon that the rising tide for the poor would then have a catalytic effect. It would lift the economic boats for 93% of the world’s population. They would gain almost 2% of world wealth. To balance that, the richest 7% would lose almost 2%.