Report: More than 80% of 2017 Wealth All Goes to the 1%

Winnie Byanyima, executive director of Oxfam.

Winnie Byanyima, executive director of Oxfam.

By Free Radical

A new report released by development charity Oxfam has shown that in 2017 the wealth gap has dramatically widened rather than grown smaller. In fact, last year 82% of the wealth generated throughout the world went to the top 1%.

The report also showed that just 42 people in the world own as much as the 3.7 billion people who make up the poorest half of the world’s population.

According to Winnie Byanyima, executive director of Oxfam, “The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system.”

Using data from the bank Credit Suisse, Oxfam’s report revealed that the wealth of billionaires increased 13% a year from 2006 to 2015.

The organization argued that this extreme inequality could be tackled by raising living wages, supporting workers’ rights, and ending gender discrimination as 90% of the world’s billionaires are men. Perhaps a serious campaign to end white supremacy would also be helpful as the lion’s share of members of the 1% are not only men, but they are also White.

The study has been released this week to coincide with the World Economic Forum in Davos, Switzerland which attracts some of the world’s richest people.

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