Global Wealth Inequality

By Bhavani Prakash

We share three videos and an infograph here that touch upon shocking statistics of Global Wealth Inequality.

VIDEO 1: Dr Jason Hickel of TheRules.org has this to observe (as quoted in Al Jazeera):

In the video we say that the richest 300 people on earth have more wealth than the poorest 3bn – almost half the world’s population. We chose those numbers because it makes for a clear and memorable comparison, but in truth the situation is even worse: the richest 200 people have about $2.7 trillion, which is more than the poorest 3.5bn people, who have only $2.2 trillion combined. It is very difficult to wrap one’s mind around such extreme figures.

But we wanted to do more than just illustrate the brutal extent of inequality; we also wanted to demonstrate that it has been getting progressively worse. A recent Oxfam report shows that “the richest 1 percent has increased its income by 60 percent in the last 20 years, with the financial crisis accelerating rather than slowing the process”, while the income of the top 0.01 percent has seen even greater growth.

The video shows how this widening disparity operates between countries. During the colonial period, the gap between the richest countries and the poorest countries widened from 3:1 to 35:1, in part because European powers extracted so much wealth from the Global South in the form of resources and labour. Since then, that gap has grown to almost 80:1. How is this possible?

Watch the video to find out how exactly:

 

VIDEO 2: This video shows the extent of US Wealth Inequality – and just so we don’t give away the suspense created in the video, guess what % of US wealth the top 1% of the population holds, before you start watching it.

 

VIDEO 3 is an enlightening TED talk by Richard Wilkinson, where he shares how glaring inequalities affect health, lifespan and wellbeing of societies.  Needless to say, societies that are more equal are happier and better off.

 

INFOGRAPH: The Transnational Institute has compiled an amazing infograph related to global wealth inequality. Here it is in a prezi format:

Enlightening, and yes, very sobering. What do you think needs to be done to address this inequitable situation?

 About the Compiler:

Bhavani Prakash is the founder of Green Collar Asia, a thought-leadership portal on developments in the green jobs sector, where macro-level trends, as well as insights from green professionals and entrepreneurs are brought together. Green Collar Asia is the media division of Worthy Earth, a media, recruitment and training firm.

Bhavani is a speaker, trainer and writer in the environment/sustainability sector. She has an MBA (PGDM) from Indian Institute of Management Calcutta and an M.Sc in Financial Economics from University of London. She is also a certified EQ Coach with Six Seconds.org

Connect with Green Collar Asia on LinkedIn, Facebook and Twitter. Bhavani Prakash may be contacted via bp[at]greencollarasia.com or through LinkedIn.

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