Billionaires’ fortunes grew by 12 per cent last year while the wealth of the poorest in the world dropped, according to a report by the anti-poverty non-profit Oxfam. This is the fifth year that Oxfam raises the issue of inequality at the World Economic Forum in Davos, but this year it has been invited to speak about it. This raises hope among organizers that world leaders and the rich may finally be taking notice.
“This level of inequality…is so obscene it’s hard to wrap your head around,” says Lauren Ravon, director of policy and campaigns at Oxfam Canada. And she says Canada is no exception. “Last year, the fortunes of Canada’s billionaires grew by a staggering $19.5 billion. To put it in perspective, that would have been enough to make child care affordable and accessible to every Canadian family.”
Reduce tax evasion, says Oxfam
Oxfam Canada is pressing for universal, affordable child care for all as a way to reduce inequality in Canada. It estimates the cost would be one billion dollars and that could be paid for by reducing tax evasion by wealthy individuals and corporations and by having them “pay their fair share.”
Oxfam estimates that having the world’s rich pay just a half a percentage more in tax would be enough to educate all children in the world who currently miss out and to pay for health care that would save 3.5 million lives.
Ravon says Oxfam has been invited to speak to the issue of inequality because the wealthy and powerful elite are beginning to realize inequality is a problem. “They see that there’s a growing amount of discontent in societies, that inequality is actually fracturing societies, so they need to take this into consideration.”
(photo: Oxfam)
Oxfam’s Lauren Ravon says ‘obscene inequality’ is hardest on women.
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