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Only 1% of World's Population Grabbed 82% of all 2017 Wealth

posted by martyb on Saturday January 27 2018, @12:43PM   Printer-friendly
from the I-got-mine!-And-Yours.-And-Yours.-Annnnnd-yours,-too. dept.

canopic jug writes:

The 1% grabbed 82% of all wealth created in 2017

More than $8 of every $10 of wealth created last year went to the richest 1%.

That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth.

Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International.

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  • (Score: 3, Interesting) by Whoever on Saturday January 27 2018, @03:59PM (4 children)

    by Whoever (4524) on Saturday January 27 2018, @03:59PM (#628909) Journal

    There is evidence that better paid CEOs actually perform worse.

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  • (Score: 1) by khallow on Saturday January 27 2018, @06:23PM (2 children)

    by khallow (3766) Subscriber Badge on Saturday January 27 2018, @06:23PM (#629017) Journal
    Look at Sulla's reply [soylentnews.org]. The worse performing companies probably have higher risks for their CEOs.

    • (Score: 2) by Whoever on Sunday January 28 2018, @06:35AM (1 child)

      by Whoever (4524) on Sunday January 28 2018, @06:35AM (#629353) Journal

      Perhaps you should look at my comment [soylentnews.org] and Sulla's reply.

      • (Score: 1) by khallow on Sunday January 28 2018, @11:47AM

        by khallow (3766) Subscriber Badge on Sunday January 28 2018, @11:47AM (#629404) Journal
        Well, let us also keep in mind that good companies are more likely to attract talent below normal rates just for the sake of getting in on a good thing, while failing companies are sinking ships that your would-be executive would normally flee from. Yes, illegal activity drives up the costs of hiring new executives who would be in on the crime. But so does any sort of business problem - particularly when those problems could result in mass layoffs and bankruptcy.

  • (Score: 2) by AthanasiusKircher on Saturday January 27 2018, @10:28PM

    by AthanasiusKircher (5291) on Saturday January 27 2018, @10:28PM (#629179) Journal

    Yeah, it's a mixed bag. I've read a few of these studies including ones that claim the negative correlation as you do. My take is that it's mostly random. I'd really like to see a company secretly run by Magic 8 Ball making decisions and offering advice. See how it performs compared to average high-paid CEOs. I'm not hopeful that CEOs will come out ahead.