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(ed: this report is timely – and this snapshot of all that is wrong about ‘equality’ in new zealand – couldn’t be clearer imperative for the new jacinda ardern led coalition labour government – could it..?)
(excerpt..)
The richest 1 per cent of Kiwis have bagged 28 per cent — $42 billion — of the wealth created in a single year.
Meanwhile the poorest 1.4 million people (30 per cent of the population) got barely 1 per cent — $1.5b — of all the wealth created in 2017.
Credit Suisse data showed wealth grew by $148b in New Zealand in 2017 to a total $1.597 trillion from $1.449t in 2016.
These figures were released by Oxfam today ahead of their report Reward Work, Not Wealth – to be revealed this afternoon.
The report will discuss how the global economy enables a wealthy elite to keep accumulating vast wealth by avoiding taxes – driving down workers’ wages and prices paid to producers and investing less in their businesses.The research also showed a mere 10 per cent of New Zealanders own more than half the nation’s wealth and the inequality gap had widened significantly in the past year.
(cont..)
Source: Oxfam report – Huge wealth gap in New Zealand where richest 1% own 30% of wealth – NZ Herald
Elephants are not indigenous to NZ but the elephants in every room here is the over seas ownership of NZ and the expatriation of wealth that is ongoing and affects everyone, but more so the poor.
The investor state coupled with private banks are the main method of extracting wealth. Both activities are virtually uncontrolled and supported by NZ Govts.