Richest 26 people own same amount of wealth as poorest half of the world

The hole between the super-rich and the relaxation of the world has by no means been wider, with 26 people now proudly owning the same amount of wealth as 3.eight billion of the much less privileged, international charity Oxfam stated in a brand new report.

The new report, titled “Public Good or Private Wealth,” sheds gentle on the continued accumulation of wealth by the richest, as nicely as the reverse pattern for the poorest half of the phrase, which grew some 11 % poorer final 12 months.

During the same interval, the belongings of these at the high of the wealth pyramid, the billionaires, have skyrocketed, rising by $900 billion in 2018, or by a whopping $2.5 billion a day. Between 2017 and 2018, a brand new billionaire was created each two days, the report says.

In comparability to the earlier 12 months, when 43 people owned about the same as the poorer half of the world, in 2018 it took solely 26 billionaires to match the wealth of 3.eight billion people.

All in all, the monetary world has totally recuperated from the devastating financial disaster of 2008, with the quantity of billionaires having practically doubled since then, the report says.

Oxfam printed its annual report on Monday, forward of the World Economic Forum in Davos, identified as an invitation-only membership of tremendous wealthy and highly effective, infamous for lavish events often thrown by the attendees.

The charity argued that the solely possible method to deal with hovering inequality is to lift taxes for the wealthy. It says that rising the tax burden on the high one % by simply half a % would cowl instructional prices for 262 million kids and supply healthcare to save the lives of 3.Three million people.

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