(MENAFN- Qatar News Agency) Oxfam International has called on world leaders to curb today's income extremes and commit to reducing inequality to at least 1990 levels.
"An explosion in extreme wealth and income is exacerbating inequality and hindering the world s ability to tackle poverty," Oxfam warned today in a briefing published ahead of the World Economic Forum in Davos next week.
The $240 billion net income in 2012 of the richest 100 billionaires would be enough to make extreme poverty history four times over, according Oxfam's report 'The cost of inequality: how wealth and income extremes hurt us all.' It is calling on world leaders to curb today s income extremes and commit to reducing inequality to at least 1990 levels.
The richest one per cent has increased its income by 60 per cent in the last 20 years with the financial crisis accelerating rather than slowing the process.
Oxfam warned that extreme wealth and income is not only unethical it is also economically inefficient, politically corrosive, socially divisive and environmentally destructive.
Executive Director, Oxfam International, Jeremy Hobbs said: "We can no longer pretend that the creation of wealth for a few will inevitably benefit the many too often the reverse is true.
"Concentration of resources in the hands of the top one per cent depresses economic activity and makes life harder for everyone else particularly those at the bottom of the economic ladder.
"In a world where even basic resources such as land and water are increasingly scarce, we cannot afford to concentrate assets in the hands of a few and leave the many to struggle over what s left."
Members of the richest one per cent are estimated to use as much as 10,000 times more carbon than the average US citizen.
Hobbs said: "We need a global new deal to reverse decades of increasing inequality. As a first step world leaders should formally commit themselves to reducing inequality to the levels seen in 1990.
"From tax havens to weak employment laws, the richest benefit from a global economic system which is rigged in their favour. It is time our leaders reformed the system so that it works in the interests of the whole of humanity rather than a global elite."
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