IEA - Oxfam’s report does nothing to help the world’s poor
Mark Littlewood comments on Oxfam's inequality report
Commenting on Oxfam’s report which claims that eight people own the same wealth as half the world, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“Once again Oxfam have come out with a report that demonises capitalism, conveniently skimming over the fact that free markets have helped over 100 million people rise out of poverty in the last year alone.
“Their claim that eight people own the same wealth as half the world is as spurious as their methodology – adding assets and subtracting wealth to make ‘net wealth’ – implies that some of the ‘poorest’ in the world are those with high debts. It is misleading at best to label the average university graduate who has accumulated £50,000 of debt among the world’s poorest, without any consideration of their future earning potential.
“Aggregating net wealth figures is largely meaningless headline fodder. Unfortunately there are some corrupt countries where wealth is accumulated at the expense of the poor but this is a case for tackling big government, not bashing free markets.
“As an ‘anti-poverty’ charity, Oxfam seem to be strangely preoccupied with the rich. For those concerned with eradicating absolute poverty completely, the focus should be on ensuring the right institutional frameworks are in place to encourage economic growth, instead of obsessing over the wealthy.”
View related information and report: Eight people own same wealth as half the world
Notes to editors
For media enquiries please contact Nerissa Chesterfield, Communications Officer: firstname.lastname@example.org or 0207 799 8909 or 07766 221 268
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
Latest News from
IEA - The Shadow Chancellor’s policy agenda was disappointing and predictable28/09/2022 11:25:00
Matthew Lesh, head of public policy at free market think tank the Institute of Economic Affairs comments on Shadow Chancellor Rachel Reeves’ speech at the Labour Party’s annual conference
IEA comments ahead of Friday’s mini budget: “an opportunity to reset the agenda”22/09/2022 09:20:00
Matthew Lesh, Head of Public Policy at free market think tank the Institute of Economic Affairs comments ahead of this Friday’s fiscal event
IEA expert responds to Energy Bill Relief Scheme for businesses21/09/2022 16:20:00
Andy Mayer, Chief Operating Officer and energy analyst at free market think tank the Institute of Economic Affairs comments on the announcement of the Energy Bill Relief Scheme
UK business investment fell to lowest rate in the G7 after corporation tax cut to 19 per cent, IPPR finds21/09/2022 11:15:00
The UK had the lowest rate of business investment of any G7 economy in 2019, according to new analysis by IPPR of OECD figures, despite also having the lowest corporation tax rate for the previous two decades. The tax on companies’ profits was reduced to 19 per cent, its lowest level this century, in 2017.
Dip in inflation shouldn’t let the Bank of England off the hook, says IEA expert14/09/2022 14:05:00
Julian Jessop, economics fellow at free market think tank the Institute of Economic Affairs, commented on the latest ONS inflation figures
IPPR responds to inflation figures14/09/2022 13:05:00
Dr George Dibb, head of the Centre for Economic Justice at IPPR, responded to the ONS August CPI figures
IEA - Review into ‘junk food’ regulation welcome step in rolling back nanny state14/09/2022 12:15:00
Christopher Snowdon, head of lifestyle economics at free market think tank the Institute of Economic Affairs, commented on the government’s announcement of a review into junk food regulations
IEA - Labour market figures show more of the same, but worrying trends emerge13/09/2022 12:15:00
Professor Len Shackleton, editorial and research fellow at free market think tank the Institute of Economic Affairs Comments on the ONS labour market data