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Oxfam's latest report, “Private Wealth or Public Goods,” shows that the wealth of the world’s billionaires increased by 12 percent or US$2.5 billion a day last year. (Shutterstock/File)
S
ince the first industrial revolution in 1753, capitalism has accelerated the growth of the world’s economy by 3 to 4 percent a year from a global gross domestic product (GDP) of US$450 billion to $90 trillion in 2015, according to the World Bank.
Scientific and technological advancement triggered by the profit-making orientation of capitalism has been so phenomenal that it has made human life healthier, easier, faster and more comfortable.
However, today only 55 (28 percent) out of 194 countries have achieved high-income status with an average GDP per capita of more than $11,750. Thirty-six countries (19 percent) are still low-income with average GDP per capita of less than $2,000.
The remaining 103 countries (53 percent), including Indonesia, are categorized as middle-income countries with GDP per capita between $2,000 and $11,750.
