As the rich get richer and Trump takes power, Davos Man should be very afraid

I’ve objected before to the fact that supporters of Oxfam shops are unknowingly funding not only an aid charity but also a left-wing thinktank that promotes its beliefs with considerably more zest and clout than Jeremy Corbyn does. Its latest paper, An Economy for the 99%, issued to coincide with the gathering of the global elite at Davos, offers a killer factoid: that whereas three years ago the richest 85 people on the planet ‘had the same amount of wealth as the poorest half of humanity’, today that equivalence applies to just eight mega-billionaires, led by Bill Gates, Warren Buffett and Amancio Ortega, founder of the Spanish fashion chain Zara.

The Oxfam polemic, written by Deborah Hardoon, does not address the point that most of today’s giant fortunes are rewards for giant leaps in technology and choice that benefit billions of citizens, and would never have been created at all under the kind of redistributive regime Oxfam advocates.