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With élites united and majority split, inequality worsens
- Article from:
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CCPA Monitor
- Article date:
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July 1, 2008
- Author:
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Copyright informationCopyright Canadian Centre for Policy Alternatives Jul/Aug 2008. Provided by ProQuest LLC. (Hide copyright information)
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DIVIDE AND FAIL UNITE AND WIN:
The world's wealth and resources are being more inequitably distributed than ever before. IBM's latest Global CEO Study disclosed that the combined income of the 1,130 top executives surveyed in 2007 was $2.224 trillion-an amount higher than the GDP of the entire continent of Africa. Eleven hundred CEOs wallow in more cash than 900 million Africans.
According to Forbes magazine, the CEOs of the 500 biggest companies in the U.S. got a collective pay raise last year of $7.5 billion, or an average of $15.2 million extra on top of their regular pay.
Here in Canada, the income gap also keeps widening, with the highest 20% of families now owning more than 70% of the ...