The world’s 8 richest men are now in control of more wealth than the wealth of 3.6 billion people combined, reports Oxfam International.
They have a collective wealth of $426 billion as reported by the anti-poverty group. These men are: Mark Zuckerberg, Bill Gates, Michael Bloomberg, Larry Ellison, Amancio Ortega, Warren Buffett, Carlos Slim and Jeff Bezos.
Paul O’Brien, Oxfam America’s Vice President for Policy and Campaigns, said that these extreme inequalities are responsible for keeping people trapped in poverty thus “fracturing our societies.”
The group has released its annual inequality report at a time when there is the World Economic Forum in Davos. This annual meeting held in the Swiss mountain resort is attended by world political and financial leaders as well as the wealthiest people.
According to Oxfam, the richest 1% has been wealthier than the rest of the world since 2015.
This study was done basing on Forbes’ annual listing of the World’s wealthiest billionaires as well as Credit Suisse’s Global Wealth Databook.
The WEF first raised concerns in 2013 that economic inequality was the msjor driving force for the rise in poverty levels. The group was particularly worried that the situation was worsening with no hopes for an improvement.
“Despite world leaders signing up to a global goal to reduce inequality, the gap between the rich and the rest has widened,” it said.
The group’s reports suggested that in every 10 people, 7 live in a country experiencing worse economic inequality created at least 3 decades ago. The past 25 years have seen the 1% continue get more income compared to the bottom 50% put together.
The report stated that instead of trickling down, the income and wealth disparities are raising at an alarming rate.
Gender imbalance is also another disturbing factor. Of the 1,810 dollar billionaires around the world, 89% are men.