Eight men own half the world’s wealth, reveals Oxfam study
The research by Oxfam which has released ahead of the World Economic Forum found that the gap between rich and poor was far greater than had been feared.
As the economic disparity between rich and poor rises, latest studies by Oxfam reveals that eight men own the same wealth as half the world’s population, a level of inequality which “threatens to pull our societies apart”
The research by Oxfam which has released ahead of the World Economic Forum found that the gap between rich and poor was far greater than had been feared and called for an overhaul of a "warped" economy that allowed a small group to have more wealth than they could ever spend while one in nine people went hungry.
The total global wealth in the year was $ 255.7 trillion, of which about $ 6.5 trillion was held by billionaires, led by Bill Gates ($ 75 billion), Amancio Ortega ($ 67 billion) and Warren Buffett ($ 60.8 billion).
The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico's Carlos Slim, Amazon boss Jeff Bezos, Facebook's Mark Zuckerberg, Oracle's Larry Ellison and former New York City mayor Michael Bloomberg.
WEF annual meeting attended by rich and powerful from across the world showed that just 57 billionaires in India now have same wealth ($ 216 billion) as that of the bottom 70 percent population of the country.
India's richest 1 percent now hold a huge 58 percent of the country's total wealth, higher than the global figure of about 50 percent.
The study revealed there are 84 billionaires in India, with a collective wealth of $ 248 billion, led by Mukesh Ambani ($ 19.3 billion), Dilip Shanghvi ($ 16.7 billion) and Azim Premji ($ 15 billion). The total Indian wealth in the country stood at $ 3.1 trillion.
In the report titled 'An economy for the 99 percent', Oxfam said it is time to build a human economy that benefits everyone, not just the privileged few.
It said that since 2015, the richest 1 percent has owned more wealth than the rest of the planet.
"Over the next 20 years, 500 people will hand over $ 2.1 trillion to their heirs, a sum larger than the GDP of India, a country of 1.3 billion people," Oxfam said.
The study findings showed that the poorest half of the world has less wealth than had been previously thought while over the last two decades, the richest 10 percent of the population in China, Indonesia, Laos, India, Bangladesh and Sri Lanka have seen their share of income increase by more than 15 percent.