Global widening gap between the rich and poor [Business]

A recent study released by the Government Accountability Office in the US reveals that the expanding gap between rich and poor is not only widening the gulf in incomes and wealth in America. But that it is also helping the rich lead longer lives, while cutting short the lives of those who are struggling.

Almost three-quarters of rich Americans who were in their 50s and 60s in 1992 were still alive in 2014. Just over half of poor Americans in their 50s and 60s in 1992 made it to 2014.

Over the past 40 years, the gap between rich and poor communities has increased dramatically, an American Sociologist, Robert Manduca believes a large measure of the change can be chalked up to rising income inequality.

In view of this, the UK-based non-governmental organisation Oxfam as world and business leaders gather for the World Economic Forum in Davos released a report highlighting that the gap between rich and poor is widening globally.

The report, titled “Time to Care,” comes out amid anti-inequality protest movements taking place in many parts of the world.

Oxfam India’s Chief Executive Officer Amitabh Behar explained that the unequal distribution of income and wealth is problematic and contributes to exacerbating poverty across the globe.