Just 62 people have as much wealth as half the planet’s population, according to an Oxfam report, released as politicians and business leaders gather at the World Economic Forum in Davos.
Switzerland (Next Media) – Just 62 people have as much wealth as half the planet’s population, according to an Oxfam report, released as politicians and business leaders gather at the World Economic Forum in Davos.
And the wealth gap is getting bigger, Oxfam says.
In 2009, the world’s richest one percent owned 44 percent of global wealth, and 2014 saw that figure rise to 48 percent.
Oxfam has also calculated that as few as 62 individuals, 53 of them men, have the same wealth as 3.5 billion people, Reuters reported.
The report comes as an urgent call to action, inviting governments to tackle this growing inequality.
“It is time for the global leaders of modern capitalism, in addition to our politicians, to work to change the system to make it more inclusive, more equitable and more sustainable,” said Lady Lynn Forester de Rothschild, chief executive officer of E.L. Rothschild and chairman of the Coalition for Inclusive Capitalism, who was quoted by Oxfam.
Among the measures to distribute global wealth more equally, Oxfam suggests clamping down on tax-dodging by corporations and rich individuals, investing in universal, free public services such as education and health care, and sharing the tax burden more fairly.
1. The world’s richest one percent wealth increasing since 2009
2. The owners of the remaining global wealth
3. The wealth of 62 individuals being the same as 3.5 billion people
4. In 2010, the wealth of 388 being the same as 3.5 billion people
VOICEOVER (in English):
In 2009, the world’s richest owned 44 percent of global wealth. By 2014 that figure had jumped to 48 percent — and it could hit 50 percent this year.
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Of the remaining global wealth, almost all is owned by the richest fifth of the world’s population. As little as 5.5 percent of what’s left is shared by the other 80 percent.
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Oxfam also calculated that as few as 62 individuals now have equal wealth to 3.5 billion people, a number that decreased from 388 individuals in 2010.
SOURCES: Oxfam, The Guardian, Bloomberg