19 January 2016

Africa: Global Inequality, Tax-Evasion and Corruption

analysis

Wealth is simply not trickling down; it is being sucked up by a powerful and wealthy minority. Once there, an elaborate system of tax havens and an industry of wealth managers ensure that it stays there - far from the reach of ordinary citizens and their governments. This has to be stopped. By WINNIE BYANYIMA.

The continent of Africa figures prominently in shocking new statistics that prove we are in the midst of a full-blown global inequality crisis. Six African countries - South Africa, Namibia, Botswana, Zambia, Central African Republic and Lesotho - are among the top 10 most unequal countries in the world. In these six countries, the richest 10% of the population own, on average, almost half their countries' combined total income. The poorest 10% earn just one percent.

This extreme division of wealth is part of a world-wide trend that is - in every sense of the word - indefensible. Oxfam's new inequality report published, today, before the World Economic Forum in Davos, An Economy for the 1 Percent, says that just 62 individuals now have the same wealth as the 3.6 billion people who make up the poorest half of the world's population. As recently as...

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