Oxfam report underlines wealth discrepancies on eve of Davos gathering

“THREE billionaires have the same amount of wealth as the bottom 50% of South Africa.”

That is according to a report by Oxfam yesterday to mark the annual meeting of political and business leaders in Davos‚ where Deputy President Cyril Ramaphosa is heading South Africa’s delegation to the annual World Economic Forum meeting.

“Such inequality is the sign of a broken economy‚ from global to local‚ and lack of will from government to change the status quo‚” Oxfam SA executive director Sipho Mthathi said.

“Governments‚ including the South African government‚ can act to help everyone, not just those at the top.

“They can build an economy where businesses pay their taxes and contribute to the wider good, where everyone is able to be healthy and educated‚ and where poverty wages are a thing of the past.”

The Oxfam statement said former public protector Thuli Madonsela’s State of Capture report shed a light on the role of private rich individuals in setting the public policy agenda‚ and in the allocation of public resources.

“It highlights how most of those implicated‚ including the country’s president and some ministers‚ worked with the rich to undermine the interests of the majority‚ the poor and working class,” it said.

Corruption and political capture contributed to the record number of violent public protests in South Africa between 2013 and 2016‚ Oxfam said.

Mthathi said OxfamSA had created a petition at www.Oxfam.org.za calling for an economy that works for everyone‚ not just the few.

“To end the outrage of extreme inequality and poverty, we need governments to listen to ordinary people and choose to build an economy that works for everyone‚ not just the fortunate few‚” she said. – TMG Digital