The 85 richest people on Earth now own the the same amount of financial wealth as the poorest half of the world’s population ~ that is, the same as 3.5Bn people.
This stunning finding comes from Oxfam‘s report, Working For the Few, which was published in the lead up to the 2014 World Economic Forum.
Other findings were:
- Almost half of the world’s wealth is now owned by just one percent of the population
- The wealth of the one percent richest people in the world amounts to $110 trillion (65 times the total wealth of the bottom half of the world’s population)
- The bottom half of the world’s population owns the same as the richest 85 people in the world
- 70% of people live in countries where economic inequality has increased in the last 30 years
- The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012
Oxfam poignantly reported that a “…recent US study presented compelling statistical evidence that the interests of the wealthy are overwhelmingly represented by the US Government compared with those of the middle classes. The preferences of the poorest had no impact on the votes of elected officials.”
Read Working for the Few
Re-post of Rigged rules mean economic growth increasingly “winner takes all” from Oxfam.
