NEWS

Global Elite Bag 82% of The World’s Wealth In 2017, Leaving Poorest Half With 0%

As the global inequality crisis gets worse, a new study conducted by global charity Oxfam, has revealed that the world’s richest global elite own the same amount of wealth as the poorest 50 percent worldwide. The shocking annual reports saw the biggest increase in the number of billionaires in the world’s history, with a new one created every two days according to the study.The world 1% of super rich have seen their wealth increase by 13 percent a year on average in the period of 2006 to 2015.

On top, of course, cam the Rothschild family whose wealth is estimated at $2 trillion, the elite Family is said to have more money than the total wealth of 75% of the population of the entire world. RT.com reports The annual report showed that 2017 saw the biggest increase in the number of billionaires in history, with new ones created at a rate of one every two days. Their wealth has increased by 13 percent a year on average in the decade from 2006 to 2015.

The fortunes of the super-rich increased by $762 billion in just 12 months to March 2017 which is enough to end extreme poverty seven times over. Nine out of 10 of the world’s 2,043 billionaires were men.

“Eighty two percent of the new wealth created has gone to [the] top 1 percent, while 0 percent has gone to the world’s poorest 50 percent,” said the report.According to Mark Goldring, chief executive of Oxfam, the statistics signal that “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 said.

Oxfam‘s executive director Winnie Byanyima blamed “tax dodging” as a major cause of global inequality and urged leaders to crack down on tax havens and inject money into education, healthcare and jobs for young people.“[It] reveals how our economies are rewarding wealth rather than the hard work of millions of people,” Byanyima told Reuters, adding “The few at the top get richer and richer and the millions at the bottom are trapped in poverty wages.”

Full Text

Most Popular

To Top