This Many People Are As Wealthy As Half The World's Population Combined
New research from an anti-poverty charity reportedly found the wealthiest 1 percent of the world's population is wealthier than the remainder of the world's population combined.
According to VICE, the report by Oxfam titled "An Economy for the 1%" also states just 62 people of the wealthiest 1 percent are as wealthy as the poorest half of the global population combined, or more than 3.6 billion people.
Over the past five years, the wealth of the poorest half decreased by a trillion dollars, while the net worth of the richest 1 percent increased by more than half a trillion dollars, according to the research.
In 2010, the individuals who owned as much wealth as half the global population amounted to 388.
But now, $1.76 trillion belongs to just 62 people, 53 of whom are men.
The average income of the poorest 10 percent of the population, on the other hand, increased by no more than $3 a year over the past 25 years.
The report stated,
Far from trickling down, income and wealth are instead being sucked upwards at an alarming rate.
This information comes the week of the annual World Economic Forum in Switzerland where some of the most powerful people in the world will discuss how to improve the global economy.
However, according to Oxfam, of the 10 corporate partners at this year's event, nine of them are involved in at least one offshore tax haven.
These tax havens, or places having low or no tax rates on money earned elsewhere, are what Oxfam believes is steering a great deal of money away from the general public.
The report estimates a 12th of the wealth of the global population is kept in tax havens, depriving governments of roughly $190 billion a year.
Oxfam found between 2000 and 2014, corporate investments in tax havens increased nearly fourfold.
Lead author Deborah Hardoon told VICE the richest 1 percent use their wealth to control politicians.
You only have to look at the money in lobbying and financing to know that extreme wealth and extreme influence go hand in hand. The extremely wealthy have power to influence policies, economic systems, and environmental policy that affect all of us.
Oxfam's statistics are based on an individual's net worth, meaning someone who makes decent money but faces heavy debt is deemed less wealthy than someone who has no debt but barely makes enough to feed him or herself.
Hardoon defended this often-criticized method of calculation, noting a crisis such as a "medical bill" or "poor harvest" could be more dangerous for those with "zero or negative wealth."