'Rising global income inequality stirs migration at alarming rate'

Rising global income inequality has stirred migration at alarming rate from poor to rich countries and this continuing practice may become a potential threat to the world peace, said Engineer Ahmad Hassan chairman FCCI standing committee on Research & Development.

Addressing a Traders meeting, he emphasized that global income and wealth inequality has seen a significant rise over the past century, which has led to increasing gaps between the rich and the poor. "The rich are getting richer at faster rate while those in the lower income classes are being unable to achieve a considerable positive transformation in their financial position", he added.

Referring to a recent report issued by the globally renowned Credit Suisse Research Institute (CSRI), Engineer Ahmed Hassan pointed out the astonishing fact that, ranking the global population of over 7 billion in terms of wealth, the bottom half accounted for less than 1% of global wealth, whereas the richest I0% held 82% of global wealth and the richest 1% alone had control over 45% of global wealth.

Copyright Business Recorder, 2019