Wave away the curtains of international diplomacy and clear away the haze of trade competition, and the world is left with a glaring problem that it needs to address: global wealth in the hands of so few. Global wealth is increasingly limited to a small group of wealthy elite. You’ve heard their names, of course. Jeff Bezos, Bill Gates, and Warren Buffet are all names that invoke knowledge on their endless wealth and world renown for their business empires. Money is synonymous with their names, and they are surrounded by a glamour of the unattainable. But draw closer to this aura of invincible wealth and you’ll realize how very wrong it is that anyone is surrounded by it. Indeed, these individuals’ heavy monopoly in different economic sectors is alarming. Their influence in lobbying or ensuring that their business are maintained and supported by the government is even more threatening. The increasing wealth gap is due to the astronomical success of these individuals. We understand it’s a problem, but we have to address it as well.
The first step governments must take to address the expanding wealth gap is to tackle extreme inequality. There is a reason why society holds some people back while giving others wings to fly to their zenith of success, which is that inequality in society and the economy does not get the attention it deserves. Governments must take measures to address these issues.
The next step in addressing global wealth is to the address global gender inequality. By promoting women’s economic equality and women’s rights to education, autonomy, and ultimately success, the world will ensure that half of humanity is not held back. For if half of humanity is held back, how can the world expect to reach its maximum potential? And while it works to reach its maximum potential, it’ll ensure that global wealth isn’t so unevenly distributed.
Another step all governments need to take is to work on establishing a living wage for everyone. Each country has a duty to ensure that their citizens’ wages are enough to survive upon while not being denied human rights, such as healthcare, abortion, or higher education. This will ensure a more fair distribution of wealth and will only progress society as a whole.
Right now, economic mobility is a far-away dream. Right now, the ability to have an education is an impossibility for some women. Right now, not having enough money for higher education or even healthcare is a reality for too many individuals. And right now, the majority of the world’s wealth is reigned over by the monopoly of too few individuals. But right now, we can take steps to ensure the future isn’t the reality we are currently living in.