Skip to content 
Search

Latest Stories

Nigeria, Singapore and India Fuel Wealth Gap: Oxfam

Nigeria, Singapore and India are among countries fuelling the gap between the super rich and poor, aid agency Oxfam said on Tuesday (9) as it launched an index spotlighting those nations doing least to bridge the divide.

South Korea, Georgia and Indonesia were among countries praised for trying to reduce inequality, through policies on social spending, tax and labour rights.


Oxfam said inequality had reached crisis levels, with the richest one per cent of the global population nabbing four-fifths of wealth created between mid-2016 and mid-2017, while the poorest half saw no increase in wealth.

The index of 157 countries is being released as finance ministers and central bank chiefs gather in Bali for the World Bank and International Monetary Fund annual meetings.

Nigeria, where 10 per cent of children die before their fifth birthday, came bottom due to "shamefully low" social spending, poor tax collection and rising labour rights violations, Oxfam said.

It said tackling inequality did not depend on a country's wealth, but on political will.

Singapore, one of the world's richest countries, came in the bottom 10, partly because of practices which facilitate tax dodging, Oxfam said. The city-state, which has no universal minimum wage, also did poorly on labour rights.

South Korea, 56 on the list, was praised for bumping its minimum wage up by 16.4 per cent last year, and Georgia (49) for boosting education spending by nearly six per cent, more than any other country.

Denmark's track record on progressive taxation, social spending and worker protections earned it the top spot, but Oxfam warned that recent administrations had eroded good policies and inequality had risen.

China (81) ranked way ahead of India (147), devoting more than twice as much of its budget to health and almost four times as much to welfare spending, the agency said.

Oxfam warned that world leaders risked failing on their pledge to reduce inequality by 2030 and urged them to develop plans to close the gap which should be funded by progressive taxation and clamping down on tax dodging.

"We see children dying from preventable diseases because of a lack of healthcare funding while rich corporations and individuals dodge billions of dollars in tax," Oxfam boss Winnie Byanyima said.

"Governments often tell us they are committed to fighting poverty and inequality - this index shows whether their actions live up to their promises."

The index, which included an indicator on violence against women, said less than half of countries had adequate laws on sexual harassment and rape.

Reuters

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less