- 20 Jan 20
In a damning new report by Oxfam International, the organisation has detailed sobering facts about the world's inequality crisis. 'Time To Care' aims to present the global economic disparity in a way that is comprehensible to the layperson.
The report shows that Ireland has a disproportionately large number of billionaires (17 in the country) per capita. Obviously, this shows that Ireland's economy is reflective of a global trend of wealth inequality. Another fact from the report states that "the world's billionaires, only 2, 153 people, have more wealth than 4.6 billion people." When looking at the two statistics in tandem, it is hard not to see this as further proof that major issues of inequality (like Ireland's homelessness crisis) are more easily solved than our governments would have us believe.
Ireland comes in just behind Hong Kong, Cyprus, Switzerland and Singapore for its issues of wealth inequality. A solution, according to Oxfam, would be to tax the richest 1% an extra 0.5% of their wealth over the next 10 years. This would be "equal to investments needed to create 117 million jobs in education, health and elderly care and other sectors, and to close care deficits."
Read the full report here.