These 8 billionaires, all men and all American, together own as much wealth as the world’s poorest 3.7 billion people, a report from Oxfam has revealed.
The study illuminates the stark difference between the money that is owned by one end of the society as opposed to the other. This rich and poor divide is not only a representation of what is going on in the society but also embarks upon upsetting details.
The wealthiest 1% of the population together own more than the remaining 99% combined.
This report was revealed on the first day of the World Economic Forum, that met with an agenda of discussing “responsive and responsible leadership”.
Last year, the same divide was held by 62 richest people, who collectively held more than 50% world's poorest wealth.
These 8 men are Microsoft founder Bill Gates; Zara founder Amancio Ortega; US investor Warren Buffett; Carlos Slim Helo, owner of Mexican conglomerate Grupo Carso; Amazon founder Jeff Bezos; Facebook founder Mark Zuckerberg; Oracle co-founder Larry Ellison; and businessman and former New York City mayor Michael Bloomberg.
Together, these eight men are worth $426 billion (an average of $51 billion each), while the 3.7 billion poorest people in the world own $409 billion (an average of $111 each).
“This year’s snapshot of inequality is clearer, more accurate and more shocking than ever before. It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity,” said Oxfam GB chief executive Mark Goldring.
BUINESSINSIDER
While a lot of people tonight will go to bed hungry, these billionaires will need several lifetimes to spend the money that they have.
Although all these billionaires donate a fair share of their earnings to charity and have pledged to give a lot more either before or after they die.
FORBES
The biggest extraction from this jolting study was the world's wealth is hugely concentrated in the hands of the top 1% and 10%, with even people in the top 70%-80% of wealth owning just 2.3% of the world’s wealth between them – while the top 10% have 89%.
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