Richest 62 people as wealthy as half of world’s population, says Oxfam

As the gap widens ever more, evident through this report, it seems like a major overhaul of the economic system is due. The charity says only higher wages, crackdown on tax dodging and higher investment in public services can stop the divide widening.

“The vast and growing gap between rich and poor has been laid bare in a new Oxfam report showing that the 62 richest billionaires own as much wealth as the poorer half of the world’s population.

Timed to coincide with this week’s gathering of many of the super-rich at the annual World Economic Forum in Davos, the report calls for urgent action to deal with a trend showing that 1% of people own more wealth than the other 99% combined.

Oxfam said that the wealth of the poorest 50% dropped by 41% between 2010 and 2015, despite an increase in the global population of 400m. In the same period, the wealth of the richest 62 people increased by $500bn (£350bn) to $1.76tn.”

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