The inequality stat that’s shocked the world | Oxfam Australia: Oxfam’s newest report, An Economy for the 1%, finds that, far from trickling down, income and wealth is being sucked upwards at an alarming rate, out of the reach of ordinary people. Australia hasn’t escaped this trend. Here, the richest 10% of people own more wealth than all other Australians combined, and our richest individual has the same amount of wealth as the poorest 10% of Australians.
Not only that, if you look at the increase in wealth in Australia over the past 15 years, over half of the increase has been captured by the richest 1%, while the poorest 10% of Australians got such a small share of the overall increase that it rounds down to 0%.
The global inequality crisis is reaching new extremes and is bad for us all. Yet the consequences for the world’s poorest people are particularly severe. Rising economic inequality makes existing inequalities worse. Countries with higher income inequality tend to have larger gaps between women and men in terms of health, education, labour market participation, and representation in parliaments.
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