The 85 Richest People In The World Have A Combined Net Worth Of Half The World's Wealth
Approximately half of the world’s total wealth, or about $110 trillion, is held by 1 percent of the world’s population, according to a report published just days before the kickoff of the World Economic Forum’s (WEF) annual meeting in Davos, Switzerland.
In the study titled “Working for the Few,” Oxfam, a British-based development charity, determined that roughly 85 individuals possess assets that are equal to the total assets held by the 3.5 billion poorest people on earth. That’s roughly half of the global population.
Moreover, the report finds that the wealth held by the richest 1 percent is about 65 times the total wealth of those who fall into the “bottom half” of the world’s population.
"This capture of opportunities by the rich at the expense of the poor and middle classes has helped create a situation where seven out of every 10 people in the world live in countries where inequality has increased since the 1980s and 1 percent of the world's families now own 46% of its wealth ($110 trillion)," Oxfam announced at the release of the study.
The WEF has identified the increasing disparity in the global wealth gap between the rich and the poor as one of the most pressing global economic problems and intends to address the issue this week during its meeting in Davos.
Oxfam CEO Winnie Byanyima believes this current trend is unacceptable and must be curbed.
"It is staggering that in the 21st century, half of the world's population -- that's three and a half billion people - own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus,” said Byanyima.
Byanyima concluded by saying that “without a concerted effort to tackle inequality, the cascade of privilege and of disadvantage will continue down the generations. We will soon live in a world where equality of opportunity is just a dream.”
Via: USA Today, Top Photo Credit: Getty Images