Wealth Inequality

by Developed Africa 24. January 2014 09:00

On Monday, Oxfam released a report highlighting the vast wealth disparities the world over.

The headline statistic provided by the report, that has grabbed a lot of attention and a lot of media coverage was that:

The bottom half of the world’s population owns less than the richest 85 people in the world."

An interesting angle that the report focuses on is how, despite recent popularity, focus on inequality was not always the case. Mere years ago, the report recounts, the focus was on poverty rather than the differences in wealth. So why the change?

The statistics began to show that, counter to previous beliefs, overall increase in wealth and growth was not actually beneficial for all to aim for, and that instead those at the top are really the only who benefit from such a goal.

it is morally questionable; it can have negative impacts on economic growth and poverty reduction; and it can multiply social problems"

Whilst quality of life does not need to be measured by wealth and whilst happiness should not be based on how much money you have, it is clear that this vast disparity in the distribution of wealth is clearly detrimental to the quality of life for millions across the world.

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