The Wealthiest 8 People Have More Than Half The World's Population

Submitted by: normalfreak2 2 months ago Lifestyle

In a report released this week calling for action to ease up on the rewards for the wealthiest 1 percent, Oxfam discovered that the eight most wealthiest people in the world, all men, has as much money as the poorest half of the world's population. Oxfam wanted to illustrate that laws which benefit the one percent work against the other 99 percent, thus 2016 financial upheaval and Brexit.

According to this Forbes list, here's how the top 8 shakes out...

Bill Gates, Microsoft founder, $75 billion. 
Amancio Ortega, the founder of Inditex fashion, $67 billion
Warren Buffett, financier, $60.8 billion
Carlos Slim Helu, Mexican business magnate $50 billion
Jeff Bezos, Amazon, $45.2 billion
Mark Zuckerberg, Facebook $44.6 billion
Larry Ellison, Oracle, $43.6 billion
Michael Bloomberg, Bloomberg LP, $40 billion

You didn't get anywhere near this list.
There are 18 comments:
Male 3,992
Considering that if you make minimum wage and at least $15,080 per year, your one of the top 7.8% on earth. I really don't find it surprising that you can lump a few billionaires together an it equals as much money as the poorest half of the world's population. Especially when you consider that this report was based on an "net worth" perspective. Meaning that you could actually be just out of college, single, living in your own house, and even have your own company, yet if you have a lot of debt attached you would be viewed in this study as actually being poorer than a Chinese farmer with lots of kids who only eats a hand full of rice per day but has no access to any forms of credit. Therefore, low net worth citizens in rich countries will appear poorer than the low net worth citizens in poor countries, increasing the number of "poor" with out regard to the quality of life people lead. 
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Male 6,165
richanddead What say you to 5 of the 8 of these most wealthy saying "tax us more and regulate more"?  They paying lip service or odd that none of them that I can find are stating deregulate and tax less....
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Male 3,992
normalfreak2: Well some of them like Jeff Bezos have asked for deregulation via the companies they own like Uber, some like Larry Ellison just funded politicians who want to deregulate, and others like Amancio Ortega don't say anything they just move to the most profitable locations. Yet, I don't think peoples political ideologies change depending on how much they make. Some of them like Michael Bloomberg and Warren Buffett are well known to have dyed in the wool leftest tendencies. But some like Bill Gates I believe have interests in soothing certain political feathers. For instance, just after the Clinton administration went after Microsoft in the antitrust lawsuit, Bill Gates immediately after donated $25 Million to the Clinton foundation. Afterward he was able to acquire some pretty big R&D and technology contracts. Later people like Tachi Yamada who was the former President of the Global Health Program at the Bill & Melinda Gates Foundation were seated on the executive board for the Clinton Health Access Initiative allowing the Gates foundation a part of the action in the massive output of government subsidized anti-malarial drugs to Africa in 2011.

People like Carlos Slim Helu own companies like Telmex's which is a monopoly that receives government funding and controls of 90% of the Mexican landline telephone market and charges some of the highest usage fees on earth. (Telmex is also a major Clinton Foundation donor, just saying) But think about it, deregulating and taxing less would only harm his companies power and profit margin as a natural monopoly. The high taxes, regulations, and legal expenses needed to navigate the former, protect natural monopolies from competition. 

I think you are looking to strongly at "why would these rich people not advocate for deregulating and taxing less when they are so rich." Instead looking at how does deregulating and taxing effect their businesses.  Remember sometimes people may appear to go against their own interests to allow better deals for their company down the line. It's the same reason Exxon-mobile's Vice President of Public and Government Affairs, Suzanne McCarron, publicly supported the Paris climate agreement when it was totally against Exxon's interests.

When you do a little research you'll find that it's because the oil market is stronger right now than the coal market. Both oil and coal may be hurt by the promises laid out in the Paris climate agreement. But Exxon is betting that they will not be firm commitments and in the end it will hurt the coal industry more allowing Exxon to corner more of the market. 

That being said, you're just looking at 8 different people who just happen to be rich. Should we follow Warren Buffett's advise because he is rich and holds liberal views or should we follow the Koch Bro's because they are rich and conservative? I think wealth is a positive attribute but definitely not the end all be all of who people should follow.
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Male 420
This is new?  Hasn't this pretty much always been the case?
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Male 3,992
"It’s strange that we're going to emphasize the gap between the world’s richest person and people in lowest income distribution given the fact that the person in the middle has actually seen a faster progress in his or her living standards since the mid to late 1970s than at any point in human history." -Gary Burtless, Brookings Institute
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Male 6,165
waldo863 No, not this bad, not in modern history.
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Male 1,800
we need that star trek economy.. no money, plenty for everyone, and no greed.
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Male 3,143
Cool thing is when they make money I make money so I don't hold it against them.
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Male 6,165
A note, do you realize that 5 of the 8 Billionaires on this list don't share the view of staunch Libertarians and Conservatives?    I wonder why that is, honestly.  Limousine liberal guilt?  They all advocate for higher taxes and regulations.
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Male 3,143
normalfreak2 In your bubble did you think being rich was reserved for "staunch Libertarians and Conservatives"? They advocate those for the poor and middle class, not themselves, they have their ways of avoiding that. All of them.
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Male 6,165
trimble No, I simply find it statistically dumbfounding that 5 of the top 8 support higher taxes and regulations.  I dont' know about the other 3 personal beliefs as I can't find anything by them declaring it.    I mean it could be completely be a coincidence but no Conservatives at all?  
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Male 706
normalfreak2 Steel sharpens steel, if more money means improved education and infrastructure for all it's better for all Americans. We have districts trying to figure out what not to teach our kids, that eventually have to grow up and have to compete for jobs and in business, against the brightest kids from all over the world, hence the state we're in now.
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Male 6,165
mischeif954 I completely agree with that sentiment.
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Male 6,165
GET GOVERNMENT OUT OF THE WAY SO THEY CAN HAVE EVEN MORE MONEY!  That is if you tow the flawed Conservative Line of thought here.

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Male 7,493
normalfreak2 Actually, it's GET GOVERNEMENT OUT OF THE WAY SO EVERYONE CAN MAKE EVEN MORE MONEY. 

The Government does not produce, it only consumes. And no, conservatives do not want to destroy the government. It want's to 1) Force it to follow the Constitution and 2) Downsize to the smallest workable size.  It's currently a behemoth that actively works against the interest of the people.
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Male 6,165
megrendel Agree and disagree.  Parts of it do not work for the interest of all people.
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Male 7,493
normalfreak2 And parts do.  We just need to find the parts that work, and eliminate or fix the parts that don't.
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Male 223
And you guys think these people aren't funding politics in order to make themselves richer at everyone else's expense?  Tisk Tisk
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