Singapore and India are the Asian nations most guilty of driving wealth gap, according to Oxfam
Oxfam said inequality had reached crisis levels, with the richest 1 per cent of the global population laying claim to four-fifths of wealth created between mid-2016 and mid-2017, while the poorest half saw no increase in wealth
Singapore and India are among countries fuelling the gap between the super-rich and poor, aid agency Oxfam said on Tuesday as it launched an index spotlighting those nations doing least to bridge the divide.
On the other hand, South Korea and Indonesia were among countries praised for trying to reduce inequality, through policies on social spending, tax and labour rights.
Oxfam said inequality had reached crisis levels, with the richest 1 per cent of the global population laying claim to four-fifths of wealth created between mid-2016 and mid-2017, while the poorest half saw no increase in wealth.
The index of 157 countries is being released as finance ministers and central bank chiefs gather in Bali for the World Bank and International Monetary Fund annual meetings.
Nigeria, where 10 per cent of children die before their fifth birthday, came bottom due to “shamefully low” social spending, poor tax collection and rising labour rights violations, Oxfam said.
Governments often tell us they are committed to fighting poverty and inequality – this index shows whether their actions live up to their promises
It said tackling inequality did not depend on a country’s wealth, but on political will.