Just 42 people own the same amount of wealth as the poorest 50 percent worldwide, a new study by global charity Oxfam claimed.
In a report
published Monday, Oxfam called for action to tackle the growing gap
between the super-rich and the rest of the world. Approximately 82
percent of the money generated last year went to the richest 1 percent
of the global population, the report said, while the poorest half saw no
increase at all.
Oxfam said its figures, which some observers have criticized, showed
economic rewards were "increasingly concentrated" at the top. The
charity cited tax evasion,
the erosion of worker's rights, cost-cutting and businesses' influence
on policy decisions as reasons for the widening inequality gap.
The charity also found the wealth of billionaires had increased by 13
percent a year on average in the decade from 2006 to 2015. Last year,
billionaires would have seen an uptick of $762 billion — enough to end
extreme poverty seven times over. It also claimed nine out of 10 of the
world's 2,043 billionaires were men.
Booming global stock markets were seen as the main driver for a surge in
wealth among those holding financial assets last year. The founder of
AmazonAMZN, Jeff Bezos, saw his wealth balloon by $6 billion in the first 10 days of 2017 — leading to a flood of headlines marking him as "the richest man of all time."
Mark Goldring, chief executive of Oxfam GB, said the statistics signal "something is very wrong with the global economy."
"The
concentration of extreme wealth at the top is not a sign of a thriving
economy but a symptom of a system that is failing the millions of
hard-working people on poverty wages who make our clothes and grow our
food," he added.
The report, "Reward Work, Not Health," is based on data from Forbes
and the annual Credit Suisse Global Wealth datebook, which has detailed
the distribution of global wealth since 2000.
The survey assesses a
person's wealth based on the value of an individual's assets — mainly
property and land — minus any debts they may hold. The data excludes
wages and income to determine what he or she is perceived to own. This
methodology has attracted criticism in the past, as a student with high
debt levels and a high future earning potential would classify as poor
under the current criteria.
Nonetheless, Oxfam said even if the
wealth of the poorest half of the population was recalculated to remove
the people in net debt, their combined wealth would still be equal to
128 billionaires.
No comments:
Post a Comment