While the world’s richest saw a dent in their fortunes last year (World’s billionaires lose £215m each as global economy struggles, 14 October), the overall trend is an increase in super-rich individuals, with 600 new billionaires since the financial crisis. This comes at a time when more than 750 million people in extreme poverty are going hungry. This huge gap between rich and poor hurts us all – harming economic growth and corroding societies – but hits the most vulnerable hardest.
Current extremes go beyond fair reward for hard work and are distorting the economy. Many billionaires simply inherit their wealth and this advantage is exacerbated by the vast amounts stashed in tax havens depriving governments around the world of billions in lost revenues – money desperately needed to pay for schools, hospitals and fighting poverty. If tax were paid on the money that the super-rich in Africa are estimated to hold offshore, it would be enough to save four million children’s lives and employ enough teachers to get every African child into school.
Politicians talk about tackling the inequality crisis – now we need them to clamp down on tax dodging and ensure workers at the bottom get a fair share. The latest wealth figures should be no excuse for inaction.
Sally Copley
Head of UK Campaigns, Oxfam
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