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Eight men hold as much wealth as half the planet combined

Some of the world’s richest people are meeting in Davos this week.

EIGHT MEN OWN the same amount of wealth as the combined wealth of the poorest half of the planet.

Ahead of the World Economic Forum in Davos this week, research from Oxfam has put the vast global income inequality into focus.

The charity also found that, since 2015, the richest 1% has owned more wealth than the rest of the planet.

It’s also been estimated that over the next 20 years, 500 people will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India.

Other stark comparisons show that a FTSE-100 CEO earns as much in a year as 10,000 people working in garment factories in Bangladesh.

Oxfam says that such inequalities “threaten to pull our societies apart” with Oxfam Ireland’s CEO Jim Clarken saying that political consequences are already being felt.

“Public anger is already creating political shockwaves across the globe with inequality cited as a significant factor in the election of Donald Trump in the US and Brexit in the UK,” he argues.

People are tired of a system which seems rigged against them, where big business and the super-rich use their money and connections to ensure government policy works for them.

Corporate tax avoidance

Oxfam has also sought to address the causes of inequality and has said that tax avoidance by major corporations is having a major effect on developing economies.

The report points to the case of Apple which it says paid a tax rate on its European profits of just 0.005% in 2014.

On a national basis, Oxfam pointed to the case of Kenya. The report claims that Kenya, for example,  is losing $1.1 billion every year in tax exemptions for corporations, nearly twice its budget for health.

Oxfam Ireland says politicians here must continue to do their part.

“The Irish government has made efforts to reform the tax system especially in relation to tax dodging by wealthy individuals. We need to tackle aggressive tax planning by corporations,” Clarken argues.

“Ireland needs to continue supporting international tax transparency and should back a proposal to create a global tax body to oversee necessary reform.”

Read: One in 40 people living in Dublin is a millionaire, according to a new survey >

Read: ‘You’ll never work in this town again’: Mila Kunis reveals producer’s threat after refusing to pose semi-naked >

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65 Comments
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    Mute Keelan O'neill
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    Jan 16th 2017, 12:19 AM

    It’s ironic that financial inequality is considered a reason that Trump got elected yet he is putting together probably the richest American government in history. And somehow he is still sticking it to establishment.

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    Mute John Brendan Mullen
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    Jan 16th 2017, 12:26 AM

    Fair comment. One of the best short comments I’ve read on here.

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    Mute Pat O'Dwyer
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    Jan 16th 2017, 1:03 AM

    @Keelan O’neill: A prime example of this concentration of wealth in a diminishing number of hands is exemplified in relation to Africa.
    “The World Gives Aid to Africa WRONG Africa Aids the World, Find out Why.
    Africa, the receiver of $30 billion in annual monetary handouts, is not only making nothing from the aid it receives but it actually loses $192 billion to the rest of the world within the same time frame.
    How, you ask? Research published recently indicates that current practices within the continent tend to favour wealthy countries. These practices include tax dodging, the repatriation of multinational companies’ profits with their unjust trade policies, the costs incurred from climate change and the exodus of skilled workers. This means, basically, that if you take into account the money coming in through aid, investment and remittances ($134 billion), Africa is left with a $58 billion annual loss. To put this into perspective, the money that Africa loses each year is over one and half times the amount of additional money needed to deliver affordable health care to everyone in the whole world!
    As you can see, it is Africa that is aiding the rest of the world – not the other way round.”
    All ,or the vast majority of the profits gained from those unfair trade agreements are lying in tax free havens worldwide and benefit nobody and nothing, outside of personal greed. Until this problem is solved and this money is reinvested, creating employment in Africa the problem of economic migration will prevail..
    Watch short film:
    http://www.myafricanow.com/aid-to-africa-from-world/

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    Mute Mumpsimus
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    Jan 16th 2017, 2:06 AM

    You know Africa is not a country right. Many of the countries are ruled by dictators. They are only too happy for the aid so they can continue to focus on stealing their counties wealth and hiding in it in Switzerland . The problem is the leaders of those countries. Not people doing deals with them.

    176
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    Mute GameOverMan
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    Jan 16th 2017, 2:18 AM

    Only together can we influence the 1%… take one tax dodging corporate, one of the main offenders, and boycott on mass. Only when they’re hit in the pocket will they recognise our strength. Boycott is a dirty word because they fear it.

    139
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    Mute Bridget O'Hanlon
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    Jan 16th 2017, 2:23 AM

    Padraic, that’s one of the most ridiculous statements I’ve read in my years reading the Journal comments.

    76
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    Mute Pat O'Dwyer
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    Jan 16th 2017, 3:35 AM

    @Mumpsimus: Those so called leaders you speak of are indeed very corrupt. This is by design. They are invariably placed in positions of power, and protected by large corporations who bribe them to be compliant. They usually receive a pittance in the form of an account in Switzerland etc. If they do not comply they usually end up dead, and are easily replaced.

    ~many countries who do not comply to the IMF (NWO Tyranny Agenda) have been overthrown, hijacked, Coup d’état, corrupted, infiltrated, coerced, manipulated, bullied, blackmailed, threated, isolated, demonized, implanting false flag terror black-ops, trade blockades, politicians assassinated, criminalizing banking with ALL people in those countries, economic warfare, using weapons of mass deceptions, study:” Two min.video :

    https://www.youtube.com/watch?v=m-dsiufhMu0

    47
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    Mute Patrick Gough
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    Jan 16th 2017, 5:56 AM

    Bridget. I’m poor and I’m a lazy sod.qed

    3
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    Mute Tony Canning
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    Jan 16th 2017, 9:49 AM

    I think that’s the 357,173rd time you’ve posted that one Patrick.

    20
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    Mute Cillian O'Gara
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    Jan 16th 2017, 3:26 AM

    That is a staggering statistic that seems set to worsen in the years to come.

    148
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    Mute Jake Orb
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    Jan 16th 2017, 4:56 AM

    Unless you’re going to name these people what’s the point of the story? Usual journal “journalism”…

    94
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    Mute dna30
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    Jan 16th 2017, 8:32 AM

    @Jake Orb: The AP site states that they are:
    According to the Forbes list, Microsoft founder Gates is the richest individual with a net worth of $75 billion. The others, in order of ranking, are Amancio Ortega, the Spanish founder of fashion house Inditex, financier Warren Buffett, Mexican business magnate Carlos Slim Helu, Amazon boss Jeff Bezos, Facebook creator Mark Zuckerberg, Oracle’s Larry Ellison and Bloomberg, the former mayor of New York.

    24
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    Mute tom
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    Jan 16th 2017, 12:08 AM

    We should have a vote they should share their money or leave the planet

    85
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    Mute John
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    Jan 16th 2017, 12:13 AM

    Why should they be forced to share? Charity is optional

    74
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    Mute tom
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    Jan 16th 2017, 12:18 AM

    Noting to do with charity.

    93
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    Mute Ibhar Mac Suibhne
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    Jan 16th 2017, 7:19 AM

    Will they ask if a pitch fork in the eye is optional when it comes to it ?

    33
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    Mute Michael Herron
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    Jan 16th 2017, 12:58 AM

    Bill Gates is one of if not the richest man in the world and he is doing great work. I think it’s very probable that the money wealth he has under his control is more effective philanthropically than it would be dispersed throughout the world economy. Also it is worth noting that creating wealth does not necessary take wealth from others. It is possible in theory for a person to go and make ten billion in the next 10 years and also improve the living quality of everybody on the planet. He would be rich, but one you’d be a fool to hate them for it. For example….Microsoft’s technology have made lives easier, aided development and improved human living conditions. His wealth is a side effect of and a testament to the usefulness of his contributions to mankind. Obviously that’s not to say he was a one man band I’m computing but the principal holds and is rarely conveyed.

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    Mute Róisín
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    Jan 16th 2017, 6:50 AM

    Bill Gates is one person. I would argue that he is not representative. Think about how many of these people make their billions from oil, conflict minerals, big tobacco etc.
    No one on earth needs as much money as this 1% have. It’s actually obscene. And of course it’s made at the expense of others. Do you think they’re printing their own money? And if you also believe that these people are better at distributing wealth than democratically elected governments (Ireland, for example), why don’t we just ask them to take over and fund their pet projects for us?
    We should be questioning the systems of finance and capitalism that not only allow, but actively encourage, this kind of wealth disparity.

    67
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    Mute John Reese
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    Jan 16th 2017, 9:26 AM

    @Michael Herron: Irish people hate rich people. Bill Gates is a man who gives millions away.

    6
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    Mute Paul Whyte
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    Jan 16th 2017, 12:05 AM

    Benjy is about to blow his top. Brace yourselves Journal readers.

    71
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    Mute Ian Oh
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    Jan 16th 2017, 12:20 AM

    @Paul Whyte: Whether you agree with all his views or not, he’s actually right about this end of things. This is just plain wrong. We have a history in this country of the rich and greedy getting fat on the misery of the poor. A few decades ago we would have all celebrated that experience being confined to the past. Now we are seeing a repeat unfortunately. This will only continue and worsen because elite greed will not change their colours until we the public call a halt to their antics. Unfortunately this has occurred over and over throughout history. We don’t seem to learn. We do not have a fair society.

    133
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    Mute John Brendan Mullen
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    Jan 16th 2017, 12:28 AM

    James Connolly would be proud of you. Maith an fear

    25
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    Mute Anthony Byrne
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    Jan 16th 2017, 5:31 AM

    The headline starts with the words “eight men”. That sort of sets an expectation…. Unfulfilled of course. What’s new from the journal.

    69
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    Mute David Fitzgerald
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    Jan 16th 2017, 1:28 AM

    Start with Apple

    56
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    Mute John Cassin
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    Jan 16th 2017, 1:54 AM

    No matter how big your house is, or how big your car is, or how big your bank balance is, at the end of the day everyone’s grave is the same size.

    54
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    Mute Cillian O'Gara
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    Jan 16th 2017, 3:25 AM

    @John Cassin: Implying that the way you live your life is meaningless.

    11
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    Mute Tony Canning
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    Jan 16th 2017, 9:51 AM

    Implying that living your life for money is meaningless.

    29
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    Mute Stephen Browner
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    Jan 16th 2017, 10:13 AM

    money can buy you a nice mausoleum.

    19
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    Mute Chris Ó Cinnseallaigh
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    Jan 16th 2017, 11:12 PM

    @John Cassin: Did you see Napolean’s grave?

    3
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    Mute Matthew Kaufman
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    Jan 16th 2017, 8:06 AM

    For some reason, they didn’t include the list. Here it is from CBS news, link: http://www.cbsnews.com/news/worlds-8-richest-men-are-worth-as-much-as-3-6-billion-people-davos-world-economic-forum/

    Microsoft founder Bill Gates, $75 billion
    Spanish retail magnate Amancio Ortega, $67 billion
    American investor Warren Buffett, $60.8 billion
    Mexican investor Carlos Slim Helu, $50 billion
    Amazon.com founder Jeff Bezos, $45.2 billion
    Facebook founder Mark Zuckerberg, $44.6 billion
    Oracle founder Larry Ellison, $43.6 billion
    Media mogul Michael Bloomberg, $40 billion

    47
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    Mute Eamonn
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    Jan 16th 2017, 10:10 AM

    @Matthew Kaufman: Interesting that all 8 on your list supported the campaign of Hillary Clinton in the recent elections there. Wonder what that says?

    42
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    Mute Ciaran Ó Fallúin
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    Jan 16th 2017, 10:56 AM

    @Eamonn: That the 8 most successful people in the world don’t rate a charlatan who would be a wealthier man today if he had sold his father’s company the day he inherited it and placed the money in an indexed tracker fund.

    If anything, Trumps failure to convert his fathers empire into something bigger highlights him as the failure he is.

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    Mute Derek Poutch
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    Jan 16th 2017, 10:14 PM

    @Matthew Kaufman: I cant believe DOB is not on that list.

    2
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    Mute Michael
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    Jan 16th 2017, 12:28 AM

    1. Denis O Brien
    2. Bono
    3. Enda Kenny
    4. Kim Kardashian
    5. Ray Darcy
    6. David Beckham
    7. Donald Trump
    8. Richard Keogh

    42
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    Mute Greirat
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    Jan 16th 2017, 12:47 AM

    Surely Pat Hickey is in that list somewhere

    57
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    Mute Just Some Guy
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    Jan 16th 2017, 1:26 AM

    @Greirat:

    Bertie Ahern

    38
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    Mute Bennythekid
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    Jan 16th 2017, 2:00 AM

    @ Michael -good quiz there Michael A. Kim Kardishan is the odd one out as she’s a woman.

    16
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    Mute James Keogh
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    Jan 16th 2017, 1:03 AM

    What’s it all about scribes, a person is wealthy, his neighbour is poor so ye guys think the rich guy should split the divies with the poor guy next door. You must be joking, if he did his poor neighbour would probably die from laughing. This is a grab World, not a
    give World and then there are those mini- parties who want to AAv A ll for free. Get of the pot lads and let the light shine on your crap

    27
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    Mute Watcher-on-the-Wall
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    Jan 16th 2017, 1:42 AM

    @James Keogh: Nope. Wealthy guy is wealthy because he has the stuff that everyone else wants. But what happens when everyone wants something else?

    15
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    Mute Mick Jenkins
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    Jan 16th 2017, 8:47 AM

    Then he loses it and joins the AAA and demands that ‘dem der need to share’?

    8
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    Mute Rowan Murphy
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    Jan 16th 2017, 12:36 AM

    It seems like a game to these people. Bragging rights. Who can accumulated the most money. Who can top the other.

    27
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    Mute Ken Pepper
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    Jan 16th 2017, 1:41 AM

    And yet they are still at the door of LIDL when it opens for the Thursday specials

    26
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    Mute Paddy Hackett
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    Jan 16th 2017, 12:26 AM

    It is questionable as to how these statistics are arrived at. Many believe such statistics unquestioningly.

    23
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    Mute Watcher-on-the-Wall
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    Jan 16th 2017, 12:44 AM

    @Paddy Hackett: OK, Harambe – because emotional blackmail works better…

    1
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    Mute Keelan O'neill
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    Jan 16th 2017, 12:50 AM

    Most of their wealth is derived from the value of their share holdings. At 10am your number 1 by lunch you’re 3rd and Carlos Slim has pulled a fast one on you.

    33
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    Mute Watcher-on-the-Wall
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    Jan 16th 2017, 12:38 AM

    The “super-rich” are only so because they say they are. They have electronic records that say they own more slices of trees than us. That is all. A large portion of humanity never in their lives own any such tree slices – but a great many of them don’t need such things – their environment either provides, or it doesn’t…

    21
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    Mute Ben McArthur
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    Jan 16th 2017, 6:40 AM

    In a couple of hours, many of the angry commentators are going to figure out that half of Ireland is in the global 1%, and that when Oxfam talk about the wealthy, they mean them. A few will go away and think about that. Most will just double down and rationalise why it doesn’t apply to them.

    16
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    Mute Peter Buchanan
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    Jan 16th 2017, 9:01 AM

    And the eight people are……?

    16
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    Mute Dave O Keeffe
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    Jan 16th 2017, 12:07 AM

    It would be 9 but Donald is busy this week

    16
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    Mute John003
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    Jan 16th 2017, 12:15 AM

    Well at least the eight men can’t take their wealth with them…….Go to next world with nothing

    47
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    Mute Keelan O'neill
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    Jan 16th 2017, 12:23 AM

    St Peter now accepts Western Union transfers. You get your new account upon entry to the pearly gates.

    47
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    Mute Eye_c_u
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    Jan 16th 2017, 8:30 AM

    No harm in pointing out that the owner of an upmarket house in dalkey is probably richer the the poorest city in Africa. Hell even the owner of a 3 bed semi detached in Dublin is probably richer then entire neighbourhoods in the Philippines perspective is a great thing

    13
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    Mute marty johnbann
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    Jan 16th 2017, 12:30 AM

    When a wealthy person says he believes in a god and his faith is strong. He is lying and going to his hell.

    13
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    Mute Keelan O'neill
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    Jan 16th 2017, 12:47 AM

    No he’s telling the truth. His God is the Almighty Dollar.

    27
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    Mute Charliegrl80
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    Jan 16th 2017, 10:48 AM

    Simply disgusting!

    13
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    Mute Alois Irlmaier
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    Jan 16th 2017, 1:29 PM

    And they still want more money…

    11
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    Mute Awkward Seal
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    Jan 16th 2017, 8:54 AM

    There should be 100% inheritance tax above 10 million globally. Simply passing on billions to the next generation because their parents were successful spits in the face of capitalism.

    11
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    Mute Owen Martin
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    Jan 16th 2017, 11:33 AM

    Climate change scam robs from the poor and makes the rich richer

    10
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    Mute dotty
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    Jan 16th 2017, 11:00 AM

    The illuminati.

    10
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    Mute Garr Public
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    Jan 16th 2017, 7:48 AM

    Oxfam describes the wealth difference as inequality and says it threatens to ‘pull our societies apart’, but for me it is not inequality but motivation. If poor people want a slice of the pie all they have to do is pull their socks up and apply themselves. It is that simple. If people with profound deficiencies like Bill Cullen or Donald Trump can make it to the top in life then so can anyone. There are no excuses. Generation snowflake don’t like to hear that because it confirms their lack of ‘can do’. Society is bound by competition, so get out there and compete. Competition is equal. Stop crying and showing your feelings. It’s unmanly. Men fight and today’s battleground is The Market. Fight! Fight! Fight! Tough guys don’t share, tough guys take their share – and then some.

    These men are rich because they got off their backsides and used their smarts. For me, this is a hopeful and encouraging piece, but I worry for those who have succeeded in life. I sometimes think that their lessers will turn on them. The rich should be allowed to have private militias for defence in case someone like Jeremy Corbyn gets in charge and starts trying to intern them in camps.

    Most people agree with me, but they either don’t know it or are too afraid to admit it, going forward.

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    Mute GameOverMan
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    Jan 16th 2017, 2:33 PM

    @Garr your either a boomer or a troll…i dont know which is the bigger insult there. Your generation was handed your lot for a song and many of you made a fortune leveraging one house off the next to save up a nice big nest egg…brainwashed with the promise that you work hard and everything just falls into place…well it doesn’t work that way for everyone, your perfect system is completely flawed and we’re left to clean up the mess your generation allowed to happen… your grandkids will suffer for your gullibility…

    11
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    Mute Felicity Rawson
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    Jan 16th 2017, 7:26 AM

    Could you guys do a fact check on this? One way or the other, it would be interesting to see.

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    Mute Eoin Leonard
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    Jan 16th 2017, 12:57 PM

    Having money doesn’t make you a bad person. Not sure what the point is of implying that bill Gates, Mark Zuckerberg etc are bad people because they had the talent and work ethic to build huge companies.

    They have already pledged to give most of their money to charitable causes. More than I can say for most other people.

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    Mute Val Martin
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    Jan 16th 2017, 9:02 PM

    So what has Obama done about it? What has Hollande done, what has Merkel done. They are all socialists are they not and they have been in power for a few years, have they not?

    2
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    Mute Val Martin
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    Jan 16th 2017, 9:09 PM

    When Sean Quinn was betting on the value of Anglo Irish Bank rising, John Poulson was betting on the value American Bank shares collapsing. Both could not be right. Poulson is now a billionaire. Quinn?

    Most contributors here want to support wind energy, which transfers wealth from the poor to the rich. Check your bills.

    So most posters here are not set to profit from wind energy, instead they want to pay higher electricity bills. So if you crave poverty, you will get poverty.

    1
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