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SECTION 1 2 3 EXTREME INEQUALITY Oxfam has calculated that a tax of just 1.5 percent on the wealth of the world’s billionaires, if implemented directly after the financial crisis, could have saved 23 million lives across the world’s poorest 49 countries, by providing them with money to invest in healthcare. 161 The number of billionaires and their combined wealth has increased so rapidly that in 2014 a tax of 1.5 percent could fill the annual gaps in funding needed to get every child into school and to deliver health services in those poorest countries. 162 LAND: THE OLDEST FORM OF WEALTH INEQUALITY In the history of rich nations, wealth was originally made up of land, and in developing countries this remains the case. Farmland is particularly vital to poor people’s livelihoods in developing countries. 163 But too many people in rural populations struggle to make a living from small plots. Many more lack secure tenure rights, especially women, meaning they can be driven off their land, leaving them without a source of income. In a forthcoming Oxfam study with women’s organizations across three continents, women’s lack of access to land was identified as one of the top threats to community resilience. 164 Most countries in Latin America score a Gini coefficient on land inequality of over 0.8; in Asia, many score higher than 0.5. In Angola and Zambia, small farms comprise 80 percent of all farms, but make up only around two percent of agricultural land. 165 Large-scale redistribution of land in East Asian countries like South Korea, Japan and China played a key role in their reducing inequality and making growth more pro-poor. In some countries, such as Brunei, Saudi Arabia, Kuwait and Swaziland, heads of state are the biggest landowners. In Russia, the sugar company Prodimex owns 20 percent of all private land. 166 Inequality of land ownership is not isolated to the developing world although in rich countries, where alternative employment exists, landlessness is less of a social problem. According to recent research in the EU, large farms 167 comprise just three percent of the total number of farms, but control 50 percent of all farmland. 168 34
SECTION 1 2 3 EXTREME INEQUALITY 1.2 A woman walks past two heavily armed policemen on guard outside a department store in Manhattan (2008). Photo: Panos/Martin Roemers EXTREME INEQUALITY HURTS US ALL The rapid rise of economic inequality is a significant barrier to eliminating poverty and to sharing prosperity where it does exist so that the poorest benefit from it. Extreme inequality both undermines economic growth and the ability of growth to reduce poverty. It damages our ability to live within the planet’s resources and succeed in the fight against climate change. It makes the struggle for equality between the sexes far harder. 35
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