The world's richest 1 per cent may soon own more than the 99 per cent. Photo: Getty
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The richest 1 per cent is set to own more than the rest of the world: we need action on inequality

A rich man's world.

The media has dubbed today "Blue Monday" – supposedly the most depressing day of the year. Pseudoscience, probably, but it’s hard not to feel gloomy with a report out today from Oxfam showing that the world’s richest 1 per cent have increased their combined share of global wealth to almost half, and if current trends continue, next year will see them overtake the other 99 per cent. Equally striking is the finding that the combined wealth of 3.5bn people – half the world’s population – is matched by the wealth accumulated to just 80 individuals, who enjoy beneficial political influence by virtue of their assets, according to Oxfam. 

This extreme concentration of wealth is not an abstract global problem, but one that’s visible on our own doorstep. New Equality Trust research shows that the richest 100 families in Britain in 2008 have since seen their combined wealth increase by at least £15bn. The wealth of the top 100 increased by a staggering rate of £1,268 per second last year, to equal that of nearly a third of UK households put together. And among the richest of the rich in this country, ten people saw their incomes rise by £3.1bn to an eye-watering £96.6bn.

Contrast this with a JRF report also out today, showing that more than 8m parents and children in the UK are living on family incomes which are inadequate for supporting a socially acceptable standard of living, an increase of over a third since 2008/9. Within this group, families headed by lone parents and those with a single breadwinner have faced significant increases in their likelihood of having to try to make ends meet on an insufficient income. 

Given what we know about the negative health and social effects of pronounced economic disparity, these refreshed figures on accumulated wealth and increasingly inadequate incomes are great reason for concern. The three pieces of research come at the beginning of the week when politicians, civil society and business leaders are due to meet in Davos at the World Economic Forum to discuss key issues of global concern. Last year, inequality was a dominant theme, and experts have placed deepening income inequality in the top spot for 2015 as well. However, talking about inequality isn’t really getting us anywhere and concerted action globally and at home is urgently needed if we are to stem the upward flows of wealth and power.

Lucy Shaddock is Policy and Campaigns Officer at The Equality Trust

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Appreciate the full horror of Nigel Farage's pro-Trump speech

The former Ukip leader has appeared at a Donald Trump rally. It went exactly as you would expect.

It is with a heavy heart that I must announce Nigel Farage is at it again.

The on-again, off-again Ukip leader and current Member of the European Parliament has appeared at a Donald Trump rally to lend his support to the presidential candidate.

It was, predictably, distressing.

Farage started by telling his American audience why they, like he, should be positive.

"I come to you from the United Kingdom"

Okay, good start. Undeniably true.

"– with a message of hope –

Again, probably quite true.

Image: Clearly hopeful (Wikipedia Screenshot)

– and optimism.”

Ah.

Image: Nigel Farage in front of a poster showing immigrants who are definitely not European (Getty)

He continues: “If the little people, if the real people–”

Wait, what?

Why is Trump nodding sagely at this?

The little people?

Image: It's a plane with the name Trump on it (Wikimedia Commons)

THE LITTLE PEOPLE?

Image: It's the word Trump on the side of a skyscraper I can't cope with this (Pixel)

THE ONLY LITTLE PERSON CLOSE TO TRUMP IS RIDING A MASSIVE STUFFED LION

Image: I don't even know what to tell you. It's Trump and his wife and a child riding a stuffed lion. 

IN A PENTHOUSE

A PENTHOUSE WHICH LOOKS LIKE LIBERACE WAS LET LOOSE WITH THE GILT ON DAY FIVE OF A PARTICULARLY BAD BENDER

Image: So much gold. Just gold, everywhere.

HIS WIFE HAS SO MANY BAGS SHE HAS TO EMPLOY A BAG MAN TO CARRY THEM

Image: I did not even know there were so many styles of Louis Vuitton, and my dentists has a lot of old copies of Vogue.

Anyway. Back to Farage, who is telling the little people that they can win "against the forces of global corporatism".

 

Image: Aaaaarggghhhh (Wikipedia Screenshot)

Ugh. Okay. What next? Oh god, he's telling them they can have a Brexit moment.

“... you can beat Washington...”

“... if enough decent people...”

“...are prepared to stand up against the establishment”

Image: A screenshot from Donald Trump's Wikipedia page.

I think I need a lie down.

Watch the full clip here:

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland