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General News / January 20, 2020

Ireland has the 5th largest number of billionaires per capita in the world

General News / January 20, 2020

Ireland has the 5th largest number of billionaires per capita in the world

A new report published by Oxfam has noted some alarming statistics surrounding inequality.

Ahead of the World Economic Conference Forum in Switzerland in Davos this week Oxfam has published a report detailing the world’s economic inequality.

‘Time To Care’, illustrates the rampant inequality currently present in today’s world and suggests solutions and advice to stall the spiralling disparity.

The main take away from the report is that the world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people.

Oxfam state that Ireland has a disproportionately high number of billionaires for its population size – 17.

This number highlights the fact that Ireland reflects a  global trend  of wealth inequality.

Placing fifth after Hong Kong, Cyprus, Switzerland and Singapore in its number of billionaires relative to the size of the population Ireland has some of the highest levels of wealth inequality in the European Union.

Proposals made by Oxfam are to increase taxes on billionaires and other hyper-wealthy people by 0.5% to reduce the huge inequality that prevails.

 

An alarming stat to come from the report was that if someone saved $10,000 a day since the Egyptian pyramids were constructed they would still be 80% less wealthy than the world’s five richest billionaires.

Click here to read the full report from Oxfam.