A new study published by the global charity organization Oxfam showed that the pattern of wealth inequality has worsened at a faster rate than ever before. The report showed that the richest 42 people in the world had taken home the same amount of wealth as the next 50% of the world population.
The report showed a large increase in the number of billionaires, with the year prior, 2017, seeing a new billionaire every two days. The wealth of these billionaires has, on average, risen by 13% per year in the decade from 2006 to 2015.
The study suggested that of all the new wealth created in 2017, 82% went towards billionaires, while none went towards the world’s poorest 50%.
Other trends in the report showed that 9 out of every 10 billionaires were men, and that the wealth of the billionaires had increased by a record $762 billion since March 2017.
“The concentration of extreme wealth at the top is not a sign of a thriving economy but a symptom of a system that is failing the millions of hard-working people on poverty wages who make our clothes and grow our food,” said the Chief Executive of Oxfam, Mark Goldring, warning that the current trend was a dangerous one, and that the global economy had become increasingly unhealthy.
The Executive Director of Oxfam also pointed towards “tax evasion” as the prime cause for the rise in the wealth gap.
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