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Billionaires at Davos Bemoan Inequalities

Posted By admin On January 25, 2012 @ 8:19 am In Featured Stories,Money Watch | Comments Disabled

Matthew G. Miller
Bloomberg [1]
January 25, 2012

Ukrainian billionaire Victor Pinchuk wants to talk about income inequality. So does Irish billionaire Denis O’Brien and Indian billionaire Vikas Oberoi.

The three are among a contingent of at least 70 billionaires who are joining more than 2,500 business and political leaders at the World Economic Forum’s annual meeting in Davos, Switzerland, this week, according to a list of attendees and promotional materials obtained by Bloomberg News. A half-dozen of the richest participants, interviewed in advance of the conference, say economic disparity needs to be addressed.

“Many who will be in Davos are the people being blamed for economic inequalities,” Oberoi, 42, chairman of Oberoi Realty Ltd. (OBER), India’s second-biggest real estate developer by market value, said in an interview earlier this month by mobile phone from his car in Mumbai. “I hope it’s not just about glamour and people having a big party.”

Oberoi, who’s attending Davos for the first time, and like- minded billionaires may have trouble finding the subject of income inequality on the agenda. While the forum’s Global Risks 2012 report, published this month, describes “severe income disparity” as the world’s top risk over the next 10 years, tied with fiscal imbalances and ahead of greenhouse-gas emissions, the word “inequality” appears only once in the event’s 130- page program, and that’s in the title of a panel about art.

Full article here [1]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2012-01-24/billionaires-occupy-davos-as-0-01-bemoan-economic-inequalities.html

[2] World Economic Forum in Switzerland: Global Elites Celebrating Hypocrisy: http://www.prisonplanet.com/world-economic-forum-in-switzerland-global-elites-celebrating-hypocrisy.html

[3] Davos elites to seek reforms of ‘outdated’ capitalism: http://www.prisonplanet.com/davos-elites-to-seek-reforms-of-%e2%80%98outdated%e2%80%99-capitalism.html

[4] Davos call for $14trn ‘greening’ of global economy: http://www.prisonplanet.com/davos-call-for-14trn-greening-of-global-economy.html

[5] World’s Elite Visit Davos in Doubt: http://www.prisonplanet.com/worlds-elite-visit-davos-in-doubt.html

[6] Wall Street Partying in Davos as Bankers Overcome Crisis: http://www.prisonplanet.com/wall-street-partying-in-davos-as-bankers-overcome-crisis.html

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