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Richest 1% have wealth equal to other 99%

07:18 PM | 18 Jan, 2016
Richest 1% have wealth equal to other 99%
LONDON (Web Desk) - The richest 1% now has as much wealth as the rest of the world combined, according to Oxfam.

According to a report by the charity, the world's richest 62 people now own as much wealth as half of the world's population.

Super-rich individuals saw an increase of 44 percent since 2010, taking their cumulative wealth to $1.76 trillion - equivalent to the total owned by 3.5 billion of the world's poorest people.

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Oxfam predicted that the 1% would overtake the rest of the world this time last year, the BBC reported.

It takes cash and assets worth $68,800 (£48,300) to get into the top 10%, and $760,000 (£533,000) to be in the 1%. That means that if you own an average house in London without a mortgage, you are probably in the 1%.

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The UK-based charity on Monday also said tax havens were helping corporations and individuals to stash away about $7.6 trillion, depriving governments of $190bn in tax revenue every year.

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Oxfam said wealth was being concentrated in the hands of increasingly fewer people, while the world's poorest continued to get poorer. In 2010, 388 people owned as much as the world's poorest 50 percent.

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The organisation is calling on world leaders meeting for the World Economic Forum in the Swiss city of Davos later this month to crack down on tax havens, ensure fair wages, and invest in public services.

It also calls for an end to the gender pay gap, compensation for unpaid care and the promotion of equal land and inheritance rights for women.

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And it wants governments to take action on lobbying, reducing the price of medicines, taxing wealth rather than consumption and using progressive public spending to tackle inequality.

The writer is a member of the staff.

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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