1. World problems
  2. Excessive accumulation of wealth by government leaders

Excessive accumulation of wealth by government leaders

  • Hypocritical accumulation of personal wealth by rulers of countries
  • Corrupt acquisition of offshore assets by heads of state
  • Personal greed of government leaders
  • Excessive salaries of government leaders

Incidence

In the case of a number of developing countries, life presidents, absolute rulers, senior civil servants, military leaders and other members of ruling elites have diverted funds intended for the acceleration of the development process (received in the form of aid grants and bilateral or multilateral loans). In many of these countries capital flight remains the greatest constraint on achievement of agricultural and commercial self-sufficiency. In 1990 the President of Zaire, who came to power in 1965, was estimated to have a amassed a personal fortune of $6 billion (including much real estate in Europe), although he only claimed $50 million. Studies by the World Bank have identified hundreds of millions of dollars unreported in the national budget of Zaire, and more gold and coffee smuggled out of the country than legally exported. Another expression of the problem in government-led countries of all persuasions, is of parliamentarians unilaterally increasing their salaries or benefits, for which the usual strength of oppositional debate is often lukewarm.

Claim

Unless all governments cooperate in making their leaders fully accountable to their people and prevail on offshore banking centres to trace, and report to competent national authorities, corruptly gained flight capital movements, new financial aid to many Third World countries, coupled with debt reduction, will not achieve the goals set.

Broader

Personal wealth
Presentable
Financial worries
Unpresentable

Aggravates

Looting
Unpresentable

Related

Strategy

Being greedy
Yet to rate

Value

Wealth
Yet to rate
Self-government
Yet to rate
Greed
Yet to rate
Government
Yet to rate
Excess
Yet to rate
Corruption
Yet to rate
Acquisition
Yet to rate
Accumulation [D]
Yet to rate
Accumulation [C]
Yet to rate

SDG

Sustainable Development Goal #8: Decent Work and Economic GrowthSustainable Development Goal #12: Responsible Consumption and ProductionSustainable Development Goal #16: Peace and Justice Strong InstitutionsSustainable Development Goal #17: Partnerships to achieve the Goal

Metadata

Database
World problems
Type
(D) Detailed problems
Biological classification
N/A
Subject
  • Commerce » Finance
  • Commerce » Purchasing, supplying
  • Government » Government
  • Government » Nation state » Nation state
  • Government » Officials
  • Social activity » Employment conditions » Employment conditions
  • Societal problems » Corruption
  • Value redistribution » Value redistribution
  • Content quality
    Unpresentable
     Unpresentable
    Language
    English
    1A4N
    D9653
    DOCID
    11496530
    D7NID
    140988
    Last update
    Sep 15, 2022