The United Nations reports that -- in the last four years -- the assets of the world's richest 200 people have more than doubled from $440 billion to over $1 trillion.
And due to the "bullish" stock market, this number increases daily. Just last month, three more billionaires were created in the U.S. due to skyrocketing 'Red Hat Inc' stocks.
Microsoft's revenue alone is now greater than the GNP of all but eight countries, and Bill Gates personal fortune has topped $100 billion (U.S.).
In Canada, Ken Thomson's media empire gives him a personal worth of $20.97 billion. Ken's annual dividends from Thomson Corp. are an incredible $280 million -- an amount it would take the average Canadian worker -- at $23,160 year -- 12,090 years to earn.
€ Maple Leaf CEO Archibald McLean was paid $3.47 million in 1998 -- 247 times more than the average Maple Leaf worker who still earns only $14,023.
€ Barrick Gold CEO Peter Munk was paid $38.9 million in 1998 -- while workers at Barrick's Chile mines have a working life expectancy of only ten years.
€ CEO Paul Godfrey received over $28 million in 1998 for the Quebecor Inc. takeover of Sun Media -- while 200 workers faced layoffs.
€ Hollinger CEO Conrad Black received over $70 million in 1997 and over $50 million in 1998 in one-time Hollinger dividends, while CEP workers find themselves either silenced, laid off, or facing lawsuits from Lord Black.
€ Former Eaton's CEO George Kosich was paid $1.9 million in compensation after being fired in 1998 -- despite the fact that insolvent Eaton's has now laid off 13,000 employees who may not receive their final paycheques.
€ The TD Bank announced a record third quarter profit of $1.5 billion with the other Big-5 banks following suit with $400 million third quarters.
Referring to corporate greed, Canadian Labour Congress President Ken Georgetti states, "We haven't seen wages reflect the rate of inflation, but we've seen corporate profits skyrocket and CEO's reward themselves in obscene ways. You're going to see more catching up, and you're going to see more labour disputes."
In fact, the first financial quarter of 1999 saw a record 127 work stoppages across Canada -- a number that shows no sign of abating as more workers demand their fair share, and payback for ten years of falling real wages.