South African President Cyril Ramaphosa said on Monday that if wealthy nations hogged COVID-19 shots while millions in poor countries died waiting for them it would amount to 'vaccine apartheid'.&nbsp;

South Africa and India have been pushing for a waiver on some intellectual property (IP) rights for vaccines and medicines at the World Trade Organization.&nbsp;

US President Joe Biden backed the proposal last week, though it may still take months to reach a deal.&nbsp;

Ramaphosa called on South Africans to support the waiver in a weekly newsletter, saying vaccines should be 'a global public good'.&nbsp;

"It is about affirming our commitment to the advancement of equality and human rights, not just in our own country but around the world," he wrote. &nbsp;

"A situation in which the populations of advanced, rich countries are safely inoculated while millions in poorer countries die in the queue would be tantamount to vaccine apartheid."&nbsp;

Sub-Saharan Africa has administered the fewest vaccines relative to its population of any region, with roughly 8 doses per 1,000 people versus doses per 1,000 people globally, according to the World Health Organization.&nbsp;

Ramaphosa recalled that twenty years ago South Africa faced off against 'big pharma' over efforts to import and manufacture affordable generic antiretroviral medicines to treat people with HIV/AIDS.&nbsp;

"Years later, the world is in the grip of another deadly pandemic in the form of COVID-19. And once again, South Africa is waging a struggle that puts global solidarity to the test," he said.&nbsp;

Ramaphosa said South Africa was one of only five countries on the African continent able to manufacture vaccines and that there was a need for new capacity to be built.&nbsp;

South Africa has ordered enough COVID-19 vaccines for 46 million of its 60 million people via bilateral deals with Johnson &amp; Johnson (J&amp;J) and Pfizer. The J&amp;J shots will be made locally by Aspen Pharmacare.&nbsp;

(With inputs from agencies) &nbsp;

South African President Cyril Ramaphosa said on Monday that if wealthy nations hogged COVID-19 shots while millions in poor countries died waiting for them it would amount to 'vaccine apartheid'.

South African President Cyril Ramaphosa said on Monday that if wealthy nations hogged COVID-19 shots while millions in poor countries died waiting for them it would amount to 'vaccine apartheid'. South Africa and India have been pushing for a waiver on some intellectual property (IP) rights for vaccines and medicines at the World Trade Organization. US President Joe Biden backed the proposal last week, though it may still take months to reach a deal. Ramaphosa called on South Africans to support the waiver in a weekly newsletter, saying vaccines should be 'a global public good'. "It is about affirming our commitment to the advancement of equality and human rights, not just in our own country but around the world," he wrote. "A situation in which the populations of advanced, rich countries are safely inoculated while millions in poorer countries die in the queue would be tantamount to vaccine apartheid." Sub-Saharan Africa has administered the fewest vaccines relative to its population of any region, with roughly 8 doses per 1,000 people versus doses per 1,000 people globally, according to the World Health Organization. Ramaphosa recalled that twenty years ago South Africa faced off against 'big pharma' over efforts to import and manufacture affordable generic antiretroviral medicines to treat people with HIV/AIDS. "Years later, the world is in the grip of another deadly pandemic in the form of COVID-19. And once again, South Africa is waging a struggle that puts global solidarity to the test," he said. Ramaphosa said South Africa was one of only five countries on the African continent able to manufacture vaccines and that there was a need for new capacity to be built. South Africa has ordered enough COVID-19 vaccines for 46 million of its 60 million people via bilateral deals with Johnson & Johnson (J&J) and Pfizer. The J&J shots will be made locally by Aspen Pharmacare. (With inputs from agencies)

South Africa warns of 'vaccine apartheid' if rich countries hog shots 

After refusing to sell vaccine raw materials, the US is now trying to undo the damage.&nbsp; President Joe Biden spoke to Indian Prime Minister Narendra Modi last night and promised to send emergency assistance. This includes oxygen supplies, vaccine materials and medicines. On Monday, an Air India flight picked up oxygen concentrators from New York. &nbsp;

This is a welcome shift. Remember, America was reluctant to help. It changed, after it was slammed the world over. Not only for refusing to help India, but also for hoarding vaccines. &nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-bill-gates-says-no-to-sharing-vaccine-formulas-to-developing-world-380867/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

America wants to send up to 60,000,000 doses of the AstraZeneca vaccine to different countries. When will that happen? After American regulators check the safety of the shots. It could take weeks and even months. So, there are no clear timelines. The world is not America's priority. So, why is it sharing vaccines at all? Because it's got too many of them, more than 550,000,000 excess doses.&nbsp;

That's what you call hoarding. Countries like China and India exported more than 40 per cent of their supplies. Even the European Union had shared 42 per cent of its supplies. What about the United States? It exported zero shots. What about the United Kingdom? Again, zero. &nbsp;

Countries like the US and the UK represent the global elite. The rich, who booked millions of doses well in advance. Now, they have extra vaccines, enough to inoculate their population three times and in some cases, five times. But they haven't shared anything with the world and they are making sure this system does not change.&nbsp;

They won't share vaccines, or patents. Life-saving drugs have been locked in patents. &nbsp;

Reports say during the phone call, Prime Minister Modi pressed President Biden about this. India has been pushing for a waiver on vaccine patents at the World Trade Organisation. The US and the UK have aggressively blocked this proposal, backing them are the European Union and Japan.&nbsp;

After the phone call, a senior official of the Biden administration was asked if America will relent. Will the United States back a patent waiver? Team Biden said it has nothing to share on this front.

And it's not just governments&nbsp;who are putting patents over lives. Even individuals, who make up the global elite, are championing the cause of big pharma. The likes of Bill Gates, the billionaire philanthropist, believes vaccine formulas should not be shared with the developing world. On Sunday, Bill Gates was asked if it would be helpful for intellectual property protections to be lifted. He responded with an emphatic no. &nbsp;

Because he fears that lifting patent rights even temporarily could comprise the safety of vaccines. Gates believes in keeping the circle tight, that ideas like moving production from a Johnson &amp; Johnson factory to a facility in India are novel and they only happen 'because of our grants and expertise'.&nbsp;

“There's only so many vaccine factories in the world and people are very serious about the safety of vaccines. So, moving something that had never been done, moving a vaccine, say, from a (Johnson &amp; Johnson) factory into a factory in India, it's novel, it's only because of our grants and expertise that can happen at all,” said Gates, who was toeing the line of big pharma. &nbsp;

According to a report, every vaccine maker has its own secret recipes and supply chains, and they insist that no other approach is possible. &nbsp;

This is exactly why the world is lagging behind in the global vaccination drive. It's because the supplies have been limited by design. Only a few companies are being allowed to make vaccines right now. More than one billion shots have been administered so far. 87 per cent of these have gone to rich countries. One in four people in wealthy countries have got a jab. What about the poor countries? Just one in 500 have got a shot in these nations. &nbsp;

According to a report, only 0.2 per cent of the doses made so far have been dispensed to low-income countries. This is not just a question of inequity. This strategy will come back to bite the rich, because at this rate, the pandemic will take years to end. And if it doesn't end in the poor countries, it won't end in the rich ones either as this virus mutates and jumps borders. &nbsp;

Around 185,00,000 doses are being administered daily around the world. At this pace, it would take at least 19 more months to inoculate 75 per cent of the world population, which means extending this pandemic for at least two more years. If the world wants to end this pandemic, it must end vaccine patents first.&nbsp;

After refusing to sell vaccine raw materials, the US is now trying to undo the damage. President Joe Biden spoke to Indian Prime Minister Narendra Modi last night and promised to send emergency assistance.

After refusing to sell vaccine raw materials, the US is now trying to undo the damage. President Joe Biden spoke to Indian Prime Minister Narendra Modi last night and promised to send emergency assistance. This includes oxygen supplies, vaccine materials and medicines. On Monday, an Air India flight picked up oxygen concentrators from New York. This is a welcome shift. Remember, America was reluctant to help. It changed, after it was slammed the world over. Not only for refusing to help India, but also for hoarding vaccines. America wants to send up to 60,000,000 doses of the AstraZeneca vaccine to different countries. When will that happen? After American regulators check the safety of the shots. It could take weeks and even months. So, there are no clear timelines. The world is not America's priority. So, why is it sharing vaccines at all? Because it's got too many of them, more than 550,000,000 excess doses. That's what you call hoarding. Countries like China and India exported more than 40 per cent of their supplies. Even the European Union had shared 42 per cent of its supplies. What about the United States? It exported zero shots. What about the United Kingdom? Again, zero. Countries like the US and the UK represent the global elite. The rich, who booked millions of doses well in advance. Now, they have extra vaccines, enough to inoculate their population three times and in some cases, five times. But they haven't shared anything with the world and they are making sure this system does not change. They won't share vaccines, or patents. Life-saving drugs have been locked in patents. Reports say during the phone call, Prime Minister Modi pressed President Biden about this. India has been pushing for a waiver on vaccine patents at the World Trade Organisation. The US and the UK have aggressively blocked this proposal, backing them are the European Union and Japan. After the phone call, a senior official of the Biden administration was asked if America will relent. Will the United States back a patent waiver? Team Biden said it has nothing to share on this front. And it's not just governments who are putting patents over lives. Even individuals, who make up the global elite, are championing the cause of big pharma. The likes of Bill Gates, the billionaire philanthropist, believes vaccine formulas should not be shared with the developing world. On Sunday, Bill Gates was asked if it would be helpful for intellectual property protections to be lifted. He responded with an emphatic no. Because he fears that lifting patent rights even temporarily could comprise the safety of vaccines. Gates believes in keeping the circle tight, that ideas like moving production from a Johnson & Johnson factory to a facility in India are novel and they only happen 'because of our grants and expertise'. “There's only so many vaccine factories in the world and people are very serious about the safety of vaccines. So, moving something that had never been done, moving a vaccine, say, from a (Johnson & Johnson) factory into a factory in India, it's novel, it's only because of our grants and expertise that can happen at all,” said Gates, who was toeing the line of big pharma. According to a report, every vaccine maker has its own secret recipes and supply chains, and they insist that no other approach is possible. This is exactly why the world is lagging behind in the global vaccination drive. It's because the supplies have been limited by design. Only a few companies are being allowed to make vaccines right now. More than one billion shots have been administered so far. 87 per cent of these have gone to rich countries. One in four people in wealthy countries have got a jab. What about the poor countries? Just one in 500 have got a shot in these nations. According to a report, only 0.2 per cent of the doses made so far have been dispensed to low-income countries. This is not just a question of inequity. This strategy will come back to bite the rich, because at this rate, the pandemic will take years to end. And if it doesn't end in the poor countries, it won't end in the rich ones either as this virus mutates and jumps borders. Around 185,00,000 doses are being administered daily around the world. At this pace, it would take at least 19 more months to inoculate 75 per cent of the world population, which means extending this pandemic for at least two more years. If the world wants to end this pandemic, it must end vaccine patents first.

Will rich countries share vaccines or patents? 

Saudi Arabia is creating a consolidated balance sheet to understand 'how rich' the kingdom is. WION's Palki Sharma tells you why Saudi Arabia wants to demystify its finances.

Gravitas: How rich is Saudi Arabia?

The year 2019 has been the year of the rich, as the world's richest 500 surged by 25 per cent, adding $1.2 trillion to their combined wealth, according to a report.&nbsp;

Names like Facebook CEO Mark Zuckerberg were seen with new additions like American social media star Kylie Jenner, who became the youngest self-made billionaire after her company 'Kylie Cosmetics', signed an exclusive partnership with Ulta Beauty Inc.

Jenner was not alone as a lot of people making money through social media, including the Korean family who helped popularise the viral baby shark song, who are not worth $125 million.

Zuckerberg topped the list with an increase in net worth by $27.3 billion. He Xiangjian- founder of China's biggest air conditioner exporter- took the second spot with an added $23.3 billion to his wealth.&nbsp;

The co-founder of Microsoft Bill Gates came in third with an addition of $22.7 billion to his fortune.&nbsp;

Amazon Inc's owner Jeff Bezos lost $9 billion due to his divorce settlement with wife Mackenzie.

However, it is important to note that as the wealth of the rich people is increasing, the gap between the rich and poor is also widening.

With reports claiming that the world's 26 richest people control as much wealth as the poorest 50 per cent.

While the rich may be making merry this New Year's Eve, their rising net worth is surely going to increase calls for equitable distribution of wealth.

The year 2019 has been the year of the rich, as the world's richest 500 surged by 25 per cent, adding $1.2 trillion to their combined wealth, according to a report.

The year 2019 has been the year of the rich, as the world's richest 500 surged by 25 per cent, adding $1.2 trillion to their combined wealth, according to a report. Names like Facebook CEO Mark Zuckerberg were seen with new additions like American social media star Kylie Jenner, who became the youngest self-made billionaire after her company 'Kylie Cosmetics', signed an exclusive partnership with Ulta Beauty Inc. Jenner was not alone as a lot of people making money through social media, including the Korean family who helped popularise the viral baby shark song, who are not worth $125 million. Zuckerberg topped the list with an increase in net worth by $27.3 billion. He Xiangjian- founder of China's biggest air conditioner exporter- took the second spot with an added $23.3 billion to his wealth. The co-founder of Microsoft Bill Gates came in third with an addition of $22.7 billion to his fortune. Amazon Inc's owner Jeff Bezos lost $9 billion due to his divorce settlement with wife Mackenzie. However, it is important to note that as the wealth of the rich people is increasing, the gap between the rich and poor is also widening. With reports claiming that the world's 26 richest people control as much wealth as the poorest 50 per cent. While the rich may be making merry this New Year's Eve, their rising net worth is surely going to increase calls for equitable distribution of wealth.

World's richest get richer, adding $1.2 trillion to their combined wealth

Walls draped in lush vertical gardens and air filtered through purifiers insulate diners at a swanky New Delhi food court from the choking haze outside in one of the most polluted places on earth.

But these eco-eateries, offering cleaner air as well as modern menus to the well-heeled are beyond reach for the poor, who have little means of escaping the deadly smog which coats the city for much of the year.

Air pollution kills more than one million Indians every year, according to a study by Lancet Planetary Health, and Delhi is ranked one of the most toxic urban centres to live, regularly exceeding World Health Organisation (WHO) limits.&nbsp;&nbsp;

But for Ramavtar Singh there is no escape: like many of the city's poorest, he eats, sleeps, and works outside.

"I work for six to eight hours every day and my children eat and sleep outside most times of the year," the father of five tells AFP at a roadside food stall, gulping down a 50-cent dish of rice and lentils.

Singh earns a living by cycling passengers and cargo around Delhi on his rickshaw, a strenuous activity that means he's inhaling dangerous concentrations of tiny pollutants deep into his lungs.&nbsp;

At best, he can wrap a rag over his mouth on smoggy days, a low-cost approach taken by labourers and rickshaw drivers that does little to prevent the most dangerous particles entering the bloodstream.

Delhi's smog peaks from October to February, routinely exceeding WHO recommendations for PM2.5 -- tiny and harmful airborne particles -- and some days registers levels more than 20 times safe limits.

Experts warn the long term health consequences of living enveloped in pollution are disastrous, often causing chronic sickness and in some cases early death.&nbsp;

'A quick oxygen shot'

Across town, Abhimanyu Mawatwal is settling down for lunch at a food court in Worldmark Aerocity, a grand commercial centre boasting purified air.

A meal here could cost twice Singh's monthly salary, but it is a price Mawatwal is willing to pay because outside the smog is at hazardous levels.

"I love to come here for my meals. It is like getting a quick oxygen shot," the office worker says, surrounded by creeper vines and a faux stream as he breathed lungfuls of filtered air circulating through expensive filters.

"We need to bring greenery to concrete jungles and create places where everybody can come for a breath of fresh air," insists S. K. Sayal, CEO of Bharti Realty which owns Worldmark Aerocity.

Delhi's affluent, who are often better informed about the dangers of pollution, increasingly expect the same safety measures they have in place at home, to be available when they are out.&nbsp;

High-end eateries, bars and cinemas are tapping into that demand -- installing electronic air purifiers and creating dedicated areas of rich vegetation to help filter airborne toxins.

But for Singh, and the one in five Indians living on less than $2 a day, visiting such places is nothing more than a fantasy.

"What will I do if I spend all the money on one meal? How will I feed my family?" said the rickshaw cyclist, who earns about 1,200 rupees ($17) a month.

He cannot dream of buying the foreign-made air purifiers to protect his family at home -- machines favoured by Delhi's elite, expat communities and office workers -- that easily cost Singh's annual wage.&nbsp;

"The rich and the poor have to breathe the same poisonous air. But the poor are more exposed to pollution," explains Sunil Dahiya, a campaigner for Greenpeace India.&nbsp;

He adds: "Most of the time, they don't even know the effects the toxic air is having on their health. Poor communities are definitely at the losing end."

Walls draped in lush vertical gardens and air filtered through purifiers insulate diners at a swanky New Delhi food court from the choking haze outside in one of the most polluted places on earth.

Walls draped in lush vertical gardens and air filtered through purifiers insulate diners at a swanky New Delhi food court from the choking haze outside in one of the most polluted places on earth. But these eco-eateries, offering cleaner air as well as modern menus to the well-heeled are beyond reach for the poor, who have little means of escaping the deadly smog which coats the city for much of the year. Air pollution kills more than one million Indians every year, according to a study by Lancet Planetary Health, and Delhi is ranked one of the most toxic urban centres to live, regularly exceeding World Health Organisation (WHO) limits. But for Ramavtar Singh there is no escape: like many of the city's poorest, he eats, sleeps, and works outside. "I work for six to eight hours every day and my children eat and sleep outside most times of the year," the father of five tells AFP at a roadside food stall, gulping down a 50-cent dish of rice and lentils. Singh earns a living by cycling passengers and cargo around Delhi on his rickshaw, a strenuous activity that means he's inhaling dangerous concentrations of tiny pollutants deep into his lungs. At best, he can wrap a rag over his mouth on smoggy days, a low-cost approach taken by labourers and rickshaw drivers that does little to prevent the most dangerous particles entering the bloodstream. Delhi's smog peaks from October to February, routinely exceeding WHO recommendations for PM2.5 -- tiny and harmful airborne particles -- and some days registers levels more than 20 times safe limits. Experts warn the long term health consequences of living enveloped in pollution are disastrous, often causing chronic sickness and in some cases early death. 'A quick oxygen shot' Across town, Abhimanyu Mawatwal is settling down for lunch at a food court in Worldmark Aerocity, a grand commercial centre boasting purified air. A meal here could cost twice Singh's monthly salary, but it is a price Mawatwal is willing to pay because outside the smog is at hazardous levels. "I love to come here for my meals. It is like getting a quick oxygen shot," the office worker says, surrounded by creeper vines and a faux stream as he breathed lungfuls of filtered air circulating through expensive filters. "We need to bring greenery to concrete jungles and create places where everybody can come for a breath of fresh air," insists S. K. Sayal, CEO of Bharti Realty which owns Worldmark Aerocity. Delhi's affluent, who are often better informed about the dangers of pollution, increasingly expect the same safety measures they have in place at home, to be available when they are out. High-end eateries, bars and cinemas are tapping into that demand -- installing electronic air purifiers and creating dedicated areas of rich vegetation to help filter airborne toxins. But for Singh, and the one in five Indians living on less than $2 a day, visiting such places is nothing more than a fantasy. "What will I do if I spend all the money on one meal? How will I feed my family?" said the rickshaw cyclist, who earns about 1,200 rupees ($17) a month. He cannot dream of buying the foreign-made air purifiers to protect his family at home -- machines favoured by Delhi's elite, expat communities and office workers -- that easily cost Singh's annual wage. "The rich and the poor have to breathe the same poisonous air. But the poor are more exposed to pollution," explains Sunil Dahiya, a campaigner for Greenpeace India. He adds: "Most of the time, they don't even know the effects the toxic air is having on their health. Poor communities are definitely at the losing end."

A tale of two Delhis: Deadly air exposes rich-poor divide

Indian billionaires saw their fortunes swell by Rs 2,200 crore a day last year, with the top 1 per cent of the country's richest getting richer by 39 per cent as against just 3 per cent increase in wealth for the bottom-half of the population, an <a href="http://www.wionews.com/world/worlds-26-richest-people-own-as-much-wealth-as-poorer-50-of-humanity-oxfam-191680">Oxfam study</a> said Monday.

Globally, billionaires' fortunes rose by 12 per cent or US $2.5 billion a day in 2018, whereas the poorest half of the world's population saw their wealth decline by 11 per cent, the international rights group said in its annual study released before the start of the five-day World Economic Forum (WEF) Annual Meeting in this Swiss ski resort town.

Oxfam further said that 13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004.

Asking the political and business leaders who have gathered in Davos for the annual jamboree of the rich and powerful of the world to take urgent steps to tackle the growing rich-poor divide, Oxfam said this increasing inequality is undermining the fight against poverty, damaging economies and fuelling public anger across the globe.

Oxfam International Executive Director Winnie Byanyima, one of the key participants at the WEF summit, said it is "morally outrageous" that a few wealthy individuals are amassing a growing share of India's wealth, while the poor are struggling to eat their next meal or pay for their child's medicines.

"If this obscene inequality between the top 1 per cent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country," she added.

Noting that wealth is becoming even more concentrated, Oxfam said 26 people now own the same as the 3.8 billion people who make up the poorest half of humanity, down from 44 people last year.

The world's richest man Jeff Bezos, founder of Amazon, saw his fortune increase to US $112 billion and just 1 per cent of his fortune is equivalent to the whole health budget for Ethiopia, a country of 115 million people.

"India's top 10 per cent of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth.

"The bottom 60 per cent, the majority of the population, own merely 4.8 per cent of the national wealth. Wealth of top 9 billionaires is equivalent to the wealth of the bottom 50 per cent of the population," Oxfam said while noting that high level of wealth disparity subverts democracy.

Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day, Oxfam said.

"It (the survey) reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy, and failing to clamp down on tax dodging on the other," Oxfam India CEO Amitabh Behar said.

The survey also shows that women and girls are hardest hit by rising economic inequality, he added.

"The size of one's bank account should not dictate how many years your children spend in school, or how long you live -? yet this is the reality in too many countries across the globe. While corporations and the super-rich enjoy low tax bills, millions of girls are denied a decent education and women are dying for lack of maternity care," Byanyima said.

According to the Oxfam report, India added 18 new billionaires last year, raising the total number of billionaires to 119, while their wealth crossed the USD 400 billion (Rs 28 lakh crore) mark for the first time.

It rose from US $325.5 billion in 2017 to US $440.1 billion in 2018, making it the single largest annual increase since the 2008 global financial crisis. 
Oxfam further said getting India's richest 1 per cent pay just 0.5 per cent extra tax on their wealth could raise enough money enough to increase the government spending on health by 50 per cent.

It said the combined revenue and capital expenditure of the Centre and states for medical, public health, sanitation and water supply is Rs 2,08,166 crore, which is less than the country' richest man Mukesh Ambani's wealth of Rs 2.8 lakh crore.

Globally, Oxfam said the tax rates for wealthy individuals and corporations have been cut dramatically.

While billionaire wealth soars, public services are suffering from chronic underfunding or being outsourced to private companies that exclude the poorest people, Oxfam said.

The rights group said in many countries including India, a decent education or quality healthcare has become a luxury only the rich can afford.

"Children from poor families in India are three times more likely to die before their first birthday than children from rich families," it added.

Oxfam said its calculations are based on the latest comprehensive data sources available publicly, including from the Credit Suisse Wealth Databook and the annual Forbes Billionaires List.

Indian billionaires saw their fortunes swell by Rs 2,200 crore a day last year, with the top 1 per cent of the country's richest getting richer by 39 per cent as against just 3 per cent increase in wealth for the bottom-half of the population, an Oxfam study said Monday.

Indian billionaires saw their fortunes swell by Rs 2,200 crore a day last year, with the top 1 per cent of the country's richest getting richer by 39 per cent as against just 3 per cent increase in wealth for the bottom-half of the population, an Oxfam study said Monday. Globally, billionaires' fortunes rose by 12 per cent or US $2.5 billion a day in 2018, whereas the poorest half of the world's population saw their wealth decline by 11 per cent, the international rights group said in its annual study released before the start of the five-day World Economic Forum (WEF) Annual Meeting in this Swiss ski resort town. Oxfam further said that 13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004. Asking the political and business leaders who have gathered in Davos for the annual jamboree of the rich and powerful of the world to take urgent steps to tackle the growing rich-poor divide, Oxfam said this increasing inequality is undermining the fight against poverty, damaging economies and fuelling public anger across the globe. Oxfam International Executive Director Winnie Byanyima, one of the key participants at the WEF summit, said it is "morally outrageous" that a few wealthy individuals are amassing a growing share of India's wealth, while the poor are struggling to eat their next meal or pay for their child's medicines. "If this obscene inequality between the top 1 per cent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country," she added. Noting that wealth is becoming even more concentrated, Oxfam said 26 people now own the same as the 3.8 billion people who make up the poorest half of humanity, down from 44 people last year. The world's richest man Jeff Bezos, founder of Amazon, saw his fortune increase to US $112 billion and just 1 per cent of his fortune is equivalent to the whole health budget for Ethiopia, a country of 115 million people. "India's top 10 per cent of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth. "The bottom 60 per cent, the majority of the population, own merely 4.8 per cent of the national wealth. Wealth of top 9 billionaires is equivalent to the wealth of the bottom 50 per cent of the population," Oxfam said while noting that high level of wealth disparity subverts democracy. Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day, Oxfam said. "It (the survey) reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy, and failing to clamp down on tax dodging on the other," Oxfam India CEO Amitabh Behar said. The survey also shows that women and girls are hardest hit by rising economic inequality, he added. "The size of one's bank account should not dictate how many years your children spend in school, or how long you live -? yet this is the reality in too many countries across the globe. While corporations and the super-rich enjoy low tax bills, millions of girls are denied a decent education and women are dying for lack of maternity care," Byanyima said. According to the Oxfam report, India added 18 new billionaires last year, raising the total number of billionaires to 119, while their wealth crossed the USD 400 billion (Rs 28 lakh crore) mark for the first time. It rose from US $325.5 billion in 2017 to US $440.1 billion in 2018, making it the single largest annual increase since the 2008 global financial crisis. Oxfam further said getting India's richest 1 per cent pay just 0.5 per cent extra tax on their wealth could raise enough money enough to increase the government spending on health by 50 per cent. It said the combined revenue and capital expenditure of the Centre and states for medical, public health, sanitation and water supply is Rs 2,08,166 crore, which is less than the country' richest man Mukesh Ambani's wealth of Rs 2.8 lakh crore. Globally, Oxfam said the tax rates for wealthy individuals and corporations have been cut dramatically. While billionaire wealth soars, public services are suffering from chronic underfunding or being outsourced to private companies that exclude the poorest people, Oxfam said. The rights group said in many countries including India, a decent education or quality healthcare has become a luxury only the rich can afford. "Children from poor families in India are three times more likely to die before their first birthday than children from rich families," it added. Oxfam said its calculations are based on the latest comprehensive data sources available publicly, including from the Credit Suisse Wealth Databook and the annual Forbes Billionaires List.

Wealth of 9 richest Indians equal to poorer 50% of population: Oxfam

More than half of wealthy investors around the world expect to live to the age of 100, with almost two in three planning to work longer in life to afford a comfortable retirement, according to a survey on Thursday.

The UBS Investor Watch, which tracks the sentiments of more than 5,000 people with at least $1 million in assets, showed nine out of 10 were adjusting spending habits and making long-term investments to finance their longevity.

But around one-in-four respondents based in the United States and Britain said they were not making any such financial changes, highlighting a shortfall in retirement planning in two of the world's most important economies as life expectancy rises, especially among the rich.

"The idea of living to 100 would have seemed absurd up until recently. Now, it's destined to become commonplace," Nick Tucker, Head of UK Domestic at UBS Wealth Management, said.

Tucker said prospective centenarians needed to plan for a 30 or 40-year retirement. That meant making and protecting wealth across all market cycles during that time, and deciding how to share their money more effectively with descendants.

The prospect of living longer and passing a smaller legacy to successors worried 35 percent of respondents, UBS said, while 62 percent said they were planning to give away more of their wealth while alive.

"By the time you pass away, your children are likely to be in their 40s, 50s or 60s. Wealth might not be as useful at this point as when they were younger. That's a key reason why we're seeing inheritance being shared earlier, or being given to grandchildren instead of children," Tucker said.

The prospect of living longer and passing a smaller legacy to successors worried 35 percent of respondents

More than half of wealthy investors around the world expect to live to the age of 100, with almost two in three planning to work longer in life to afford a comfortable retirement, according to a survey on Thursday. The UBS Investor Watch, which tracks the sentiments of more than 5,000 people with at least $1 million in assets, showed nine out of 10 were adjusting spending habits and making long-term investments to finance their longevity. But around one-in-four respondents based in the United States and Britain said they were not making any such financial changes, highlighting a shortfall in retirement planning in two of the world's most important economies as life expectancy rises, especially among the rich. "The idea of living to 100 would have seemed absurd up until recently. Now, it's destined to become commonplace," Nick Tucker, Head of UK Domestic at UBS Wealth Management, said. Tucker said prospective centenarians needed to plan for a 30 or 40-year retirement. That meant making and protecting wealth across all market cycles during that time, and deciding how to share their money more effectively with descendants. The prospect of living longer and passing a smaller legacy to successors worried 35 percent of respondents, UBS said, while 62 percent said they were planning to give away more of their wealth while alive. "By the time you pass away, your children are likely to be in their 40s, 50s or 60s. Wealth might not be as useful at this point as when they were younger. That's a key reason why we're seeing inheritance being shared earlier, or being given to grandchildren instead of children," Tucker said.

More than half of world's wealthy may live up to 100 years: Survey

Jeff Bezos, the founder and chief executive of Amazon.com Inc, has become the world&#39;s third-richest person as of the market close for the first time, Forbes magazine said, passing Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc. 
 
Bezos&#39; fortune was $65.3 billion as of 4:30 pm EDT on Thursday, compared with Buffett&#39;s $64.9 billion. 
 
Microsoft Corp co-founder Bill Gates remained the world&#39;s richest person, at $77.7 billion, while Spain&#39;s Amancio Ortega, who founded the Zara clothing chain&#39;s owner Inditex SA, was second at $72.7 billion. Facebook Inc co-founder and chief executive Mark Zuckerberg was fifth, at $54 billion. 
 
Bezos, 52, owns close to 18 per cent of Amazon. Its stock has risen by roughly 50 per cent since early February, as the world&#39;s largest online retailer continued to upend retailing as more people took to the Web rather than the mall to shop. 
 
Amazon&#39;s share price rose further in after-hours trading, after the Seattle-based company reported better-than-expected second-quarter results. 
 
Buffett, 85, owns close to 18 per cent of Berkshire, but his donation this month of $2.86 billion of Berkshire stock to the Bill &amp; Melinda Gates Foundation and four family charities led to his drop to fourth place. He has donated more than $24.3 billion to the Gates Foundation and family charities since 2006. 
 
Berkshire is based in Omaha, Nebraska, and has roughly 90 business units including Geico car insurance, the BNSF railroad and Dairy Queen ice cream. 
 
In June, Buffett called Bezos a &quot;classic example&quot; of how a business owner could thrive, by having focused at Amazon on how to &quot;delight&quot; customers, and keep them coming back, rather than simply process their orders. 
 
(Reuters)

Microsoft Corp co-founder Bill Gates remained the world's richest person, at $77.7 billion

Jeff Bezos, the founder and chief executive of Amazon.com Inc, has become the world's third-richest person as of the market close for the first time, Forbes magazine said, passing Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc. Bezos' fortune was $65.3 billion as of 4:30 pm EDT on Thursday, compared with Buffett's $64.9 billion. Microsoft Corp co-founder Bill Gates remained the world's richest person, at $77.7 billion, while Spain's Amancio Ortega, who founded the Zara clothing chain's owner Inditex SA, was second at $72.7 billion. Facebook Inc co-founder and chief executive Mark Zuckerberg was fifth, at $54 billion. Bezos, 52, owns close to 18 per cent of Amazon. Its stock has risen by roughly 50 per cent since early February, as the world's largest online retailer continued to upend retailing as more people took to the Web rather than the mall to shop. Amazon's share price rose further in after-hours trading, after the Seattle-based company reported better-than-expected second-quarter results. Buffett, 85, owns close to 18 per cent of Berkshire, but his donation this month of $2.86 billion of Berkshire stock to the Bill & Melinda Gates Foundation and four family charities led to his drop to fourth place. He has donated more than $24.3 billion to the Gates Foundation and family charities since 2006. Berkshire is based in Omaha, Nebraska, and has roughly 90 business units including Geico car insurance, the BNSF railroad and Dairy Queen ice cream. In June, Buffett called Bezos a "classic example" of how a business owner could thrive, by having focused at Amazon on how to "delight" customers, and keep them coming back, rather than simply process their orders. (Reuters)

Bezos passes Buffett, becomes third-richest person: Forbes

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