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Billionaires Made So Much Money Last Year They Could End Extreme Poverty Seven Times
Key Excerpts from Article on Website of Time

Time, January 22, 2018
Posted: March 18th, 2018

The global economy created a record number of billionaires last year, exacerbating inequality amid a weakening of workers rights and a corporate push to maximize shareholder returns, charity organization Oxfam International said in a new report. The world now has 2,043 billionaires. The group of mostly men saw its wealth surge by $762 billion, which is enough money to end extreme poverty seven times over, according to Oxfam. According to separate data compiled by Bloomberg, the top 500 billionaires net worth grew 24% to $5.38 trillion in 2017, while the worlds richest person, Inc.s Jeff Bezos, saw a gain of $33.7 billion. The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system, said Winnie Byanyima, executive director of Oxfam International. The people who make our clothes, assemble our phones and grow our food are being exploited. Oxfam published the report as global leaders, chief executives and bankers arrive in Davos, Switzerland, for the World Economic Forums annual meeting. Noting that many of the worlds elite say theyre concerned about income inequality, the charity said most governments are shamefully failing to improve the matter. Oxfam called on governments to limit shareholder and executive returns, while ensuring workers receive a living wage. It also recommended eliminating the gender pay gap and raising taxes on the wealthy, among other suggestions.

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