Yes, you read that headline right.
Just 85 of the most stinking-rich people in the world together own wealth worth a stonking £1tn. These 85 “global elite” own as much as the poorest 3.5 billion of the world’s population.
A new report by Oxfam has found that the wealth of the 1% richest people in the world amounts to $110tn (£60.88tn), or 65 times as much as the poorest half of the world.
The charity warns that rich is getting richer and the poor is getting poorer.
Winnie Byanyima, Oxfam executive director, said: “It is staggering that in the 21st Century, half of the world’s population – that’s three and a half billion people – own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus.”
“Widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table,” Byanyima said.
Oxfam’s warning comes as the World Economic Forum in Davos kicks off this week. Oxfam is calling on leaders around the world to take a personal pledge to do their bit to reduce wealth inequality.
You need to read: