World’s Richest 22 Men Are Worth The Same As All 325 Million Women In Africa — New Oxfam Report Reveals - Global Coin Report
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World’s Richest 22 Men Are Worth The Same As All 325 Million Women In Africa — New Oxfam Report Reveals

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“Wealth inequality remains shockingly high.” This is the sobering conclusion of Oxfam’s latest report, published on the eve of the World Economic Forum Annual Meeting 2020.

The 162 richest people on the planet boast the same wealth as the poorest 50 percent — 3.85 billion — in the world.

From Tuesday, January 21, close to 3,000 delegates — including 53 heads of state — from 117 countries, will participate in the WEF summit in Davos-Klosters, Switzerland. According to the website blurb, the WEF Annual Meeting is “the foremost creative force for engaging the world’s top leaders in collaborative activities to shape global, regional and industry agendas at the beginning of each year”.

This year’s topic, for the great and the good of the business world and politics, is “stakeholders for a cohesive and sustainable world”. While the hellish fires raging in Australia fan the flames for climate change, the perverse irony that most of the 774 public speakers will have been flown into the summit will not be lost on the people who are truly concerned about the heating of the world.

Similarly, that many of the wealthiest people in the world will gather to no doubt use the WEF platform to further boost their richest, through additional business deals and contacts, while vowing to help those less fortunate is alarming to Oxfam. Hence why every year at this precise time the leading charity publishes the latest data showing the gulf between the globe’s haves and have nots.

A Man’s World? But Nothing Without Women

The Oxfam report shows that the world’s 22 richest men have more wealth than all the women in Africa. Furthermore, women and girls are putting in 12.5 billion hours of unpaid care work every day — tending to children and the elderly, for instance — which amounts to a contribution to the global economy of at least $10.8 trillion a year (more than three times the size of the global tech industry).

“When 22 men have more wealth than all the women in Africa combined, it’s clear that our economy is just plain sexist,” says Danny Sriskandarajah, Oxfam GB Chief Executive.

“One way that our upside-down economic system deepens inequality is by chronically undervaluing care work — usually done by women, who are often left little time to get an education, earn a decent living or have a say in how our societies are run and are therefore trapped in poverty.

“If world leaders meeting this week are serious about reducing poverty and inequality, they urgently need to invest in care and other public services that make life easier for those with care responsibilities, and tackle discrimination holding back women and girls.”

“Bloomberg [has] just shown how 500 people last year got over a $1 trillion richer. While estimates of overall wealth and the wealth share of the bottom 50 percent fluctuate from one year to the next, the overall picture of incredible levels of wealth inequality remains shockingly high.”

We are family: Three children in the Philippines stay close for warmth and security (Oxfam)

Shock Factor

Much in the same way climate change should have been on the agenda years ago — long before Greenland’s glaciers began to melt and ahead of Australia’s ongoing and unprecedented wildfires, which have claimed the lives of approximately 500 million animals — it is time for the world to wake up to financial imbalance, and take action now.

GoodDollar is a not-for-profit foundation whose driving ambition is to reduce global wealth inequality through a combination of universal basic income (UBI) principles and blockchain. Aside from the headline number of 162 billionaires owning as much as half of the world, a raft of other calculations from the new Oxfam report justified our mission and strengthened our resolve and determination to strive for financial change.

Consider the following:

  • The 162 richest people on the planet boast the same wealth as the poorest 50 percent — 3.85 billion — in the world.
  • Half the global population earns less than $5.5 a day ($120 a month).
  • 500 people last year got over a $1 trillion richer.
  • Getting the richest 1 percent to pay just 0.5 percent extra tax on their wealth over the next 10 years could raise enough money to create 117 million jobs, including 79 million in education, health and social care, which would help close the current care gap.

The stage is set: help us at GoodDollar to reduce global wealth inequality, before it is too late.

GoodDollar: Changing The Balance — For Good

Do you have the skills to help the GoodDollar project? We need builders, scientists and experts in identity, privacy, and financial governance, as well as philanthropists and ambassadors. Contact us at hello@gooddollar.org, via our social media channels (Twitter, Telegram, or Facebook), check out our community website, join the OpenUBI movement, or visit our GitHub page. Our YouTube channel is worth exploring, too.

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Bitcoin of 2020: On the Rise, Better Established, and Much More Stable

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Why Bitcoin is Continuing to Climb, from More Solid Ground Than Ever

Last night saw Bitcoin once again soaring up the market, with a 6% increase over the course of three hours. This continues a fantastic start to the year for the world’s largest decentralized currency, which is up 30% since January 1st, and pulling along with it several other primary cryptocurrencies, including Ether, Litecoin, Ripple, and Dash.

A Significant Moment for Bitcoin

January 2020 is certainly proving highly significant for Bitcoin. The sharp increases and painful falls of the past pale into comparison with now, as the current increase seems to come from a far better-established position with much more stability. Furthermore, the activity around Bitcoin is expanding in exchanges, banks, and other financial institutions, together with its legitimacy and relevancy.

World Economic Forum 

Last week, at the World Economic Forum annual summit at Davos, Switzerland, Bitcoin, cryptocurrencies, and blockchain technology were honored guests. Many of the billionaires, bankers and treasury ministers who gathered in Davos are still fairly skeptical about the decentralized economy, but despite this, they also realize that they cannot stop it.

The World Descends into Chaos, And Bitcoin is on the Rise

It seems that the more agitated the world agenda, the more Bitcoin’s popularity grows, and strengthens its status as a…

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Cryptocurrency Prices Rally Towards Double-Digit Gains in 2020

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The cryptocurrency market has started 2020 with a huge bang, expanding by an impressive 23% within the first two weeks of the year. The overall market capitalization of the cryptocurrency market – a measure of the size of the market – has grown from $192 billion at the start of the year, to well over $240 billion by the middle of January.

Leading the pack is Bitcoin (BTC), which constitutes more than 65% of the overall market size. Going from just under $7,200 at the end of 2019 to a high of $8,800, Bitcoin recorded double-digit gains within two weeks. January 14 saw a spike of more than 11% in Bitcoin’s price, fuelling speculation that the two-year-long cryptocurrency recession could finally be over.

Bitcoin Price Chart

Among the many factors that contributed to Bitcoin’s price increase was the geopolitical upheaval emanating from increasing tensions between the USA and Iran, which led to a flight of safety capital by investors, to safe-haven assets such as gold. Already established as a manifestation of digital gold, it seems hardly coincidental that the prices of both gold and Bitcoin went up.

Another catalyst for the increase was the official…

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The Recipe that Causes Bitcoin to Rise: Economic and Geopolitical Uncertainty

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As the world anxiously watched the turbulent events in the Middle East this week, investors have turned to the known safe havens for times of crisis. Throughout history, gold has been a proven investment vehicle during similar tumultuous times, from wars to crises to economic depressions. Yet, over the last week, we saw a notable development that should be carefully analyzed. The increasing heat within the Middle East fueled an event that many anticipated, which allowed the digital heir of gold to demonstrate its intensity and power for (almost) the first time. Who is this heir? Bitcoin, of course.

The assassination of Iranian general Qasem Soleimani and the Iranian missile attacks on US forces in Iraq gave rise to aggressive statements by both the US President and Iran’s leaders and raised genuine concerns regarding potential escalation crossing into other parts of the world. “Third World War” headlines were even spotted in certain media outlets. The response of investors was short and sharp: the global stock markets fell, and everyone rushed for financial cover, many to buy Bitcoin.

Historically Speaking

Throughout history, the acknowledged destination for investment in such situations has been Gold: a scarce asset that retains its value and is detached from the possibly harmful influence of governments and the ordinary markets. And indeed, this week Gold hit a seven-year high (together…

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