Wealth Inequality Is The Scourge Of Humanity – And It’s Getting Worse, As These Half-Dozen Statistics Show

Former American president Barack Obama has described rising wealth inequality as “the defining challenge of our time”. Urging the rich to share more with the poor, he says: “There’s only so much you can eat; there’s only so big a house you can have.” 

GoodDollar is on a mission to reduce global wealth inequality – by building a blockchain-powered universal basic income mechanism that will work at scale. Here are six facts about wealth inequality that serve as a stick to drive us onward.

1 A New Billionaire Is Born Every Two Days

Billionaire Boomers. Since the financial crisis of 2008, the fortunes of the richest have risen dramatically. Last year alone their total wealth increased by $900 billion, almost $2.5 billion a day, while the rest of humanity barely rises above the poverty line.

2 Only 4 Cents In Every Dollar Of Tax Revenue Comes From Taxes On Wealth

Reward The Rich & Tax The Poor. Billionaires and the corporations that they own are enjoying some of the lowest levels of taxes in decades and disproportionately undercutting funds for vital services for the rest of the population.

3 American CEOs In 1965 Made 24-Times More Than The Average Production Worker – Today They Make 185-Times More

The Peaks Are Higher, The Valleys Lower. Recent decades have seen a clear increase in the difference between CEO compensation and that of the average worker in manufacturing. Creating an ever-widening financial, cultural and social gap between co-workers.

4 Today 262 Million Children Will Not Be Allowed To Go To School

Education Score: Poor! A decent education has become a luxury in many countries with profound implications for the future of our children and the opportunities they will have in life.

5 Every Day 10,000 People Die Because They Lack Access To Affordable Healthcare

Healthcare — Denied! In most countries having money means better health and longer life. People from poor communities can expect to die ten to twenty years earlier than people in wealthy areas. In developing countries, a child from a poor family is twice as likely to die before the age of five than a child from a rich family.

6 The Unpaid Care Work Done By Women Is Estimated At $10 trillion – 43 Times The Annual Turnover Of Apple

It’s A Man’s World. Our economic prosperity is dependent on the huge unrecognised contribution made by women through unpaid care work. Women are pulled out of school first when money isn’t available and they clock up hours looking after sick relatives when healthcare systems fail.

Inequality is divisive, leading society to extremes, but we have the power to engage in social impact issues and strive towards a more inclusive society.