Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam to mark the annual meeting of political and business leaders in Davos.
Oxfam’s report, ‘An economy for the 99 percent’, shows that the gap between rich and poor is far greater than had been feared. It details how big business and the super-rich are fueling the inequality crisis by dodging taxes, driving down wages and using their power to influence politics.
Winnie Byanyima, Executive Director of Oxfam International, said: “It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day.”
Oxfam’s report shows how our broken economies are funneling wealth to a rich elite at the expense of the poorest in society, the majority of whom are women.
The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years. To put this figure in perspective – you would need to spend $1 million every day for 2738 years to spend $1 trillion.
The world’s 8 richest people are, in order of net worth:
- Bill Gates: America founder of Microsoft (net worth $75 billion)
- Amancio Ortega: Spanish founder of Inditex which owns the Zara fashion chain (net worth $67 billion)
- Warren Buffett: American CEO and largest shareholder in Berkshire Hathaway (net worth $60.8 billion)
- Carlos Slim Helu: Mexican owner of Grupo Carso (net worth: $50 billion)
- Jeff Bezos: American founder, chairman and chief executive of Amazon (net worth: $45.2 billion)
- Mark Zuckerberg: American chairman, chief executive officer, and co-founder of Facebook (net worth $44.6 billion)
- Larry Ellison: American co-founder and CEO of Oracle (net worth $43.6 billion)
- Michael Bloomberg: American founder, owner and CEO of Bloomberg LP (net worth: $40 billion)
[By Oxfam ]