A new report has shown that eight men now hold as much wealth as the world’s poorest 3.6 billion people. It is the latest blight on income inequality in the world that shows just how bad the problem is.
Oxfam international released the report that featured the eight men as Bill Gates, Warren Buffett, Carlos Slim, Jeff Bezos, Mark Zuckerberg, Amancio Ortega, Larry Ellison and Michael Bloomberg. According to the report, these eight men are collectively worth $426 billion.
The report by the anti-poverty group, which was released on Sunday, saw Paul O’Brien, Oxfam America’s Vice President for Policy and Campaigns stating;
“Such dramatic inequality is trapping millions in poverty, fracturing our societies, and poisoning our politics.”
No doubt he is right in saying that and over time, various people have talked about the need to close the income gap. Bernie Sanders,, who was Hillary Clinton’s opponent for the Democratic Party ticket in America, tackled the issue severally and has said that;
“The issue of wealth and income inequality is the great moral issue of our time, it is the great economic issue of our time, and it is the great political issue of our time.”
The group’s inequality report was released just as the World Economic Forum was set to begin in Davos. The World Economic Forum is an annual meeting that brings together some of the wealthiest people in the world with political and financial leaders. In 2013 the WEF had identified rising economic inequality as a major threat to social stability.
Since then the problem has only gotten worse, and by 2015 the richest 1% already owned more wealth than the rest of the world. Oxfam’s report says that 7 out of ten people live in a country where inequality has worsened over the past three decades.
The report sums it up this way; “Far from trickling down, income and wealth are being sucked upwards at an alarming rate,” and then the report compounds the issue by showing the huge gender disparity in wealth. According to them out of the 1,810 dollar billionaires around the world, 89% are men.