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'World's richest 1% get 82% of the wealth', says Oxfam
Key Excerpts from Article on Website of BBC News
Posted: January 29th, 2018
http://www.bbc.com/news/business-42745853
The gap between the super rich and the rest of the world widened last year as wealth continued to be owned by a small minority, Oxfam has claimed. Some 82% of money generated last year went to the richest 1% of the global population while the poorest half saw no increase at all, the charity said. It blamed tax evasion, firms' influence on policy, erosion of workers' rights, and cost cutting for the widening gap. Oxfam has produced similar reports for the past five years. In 2017 it calculated that the world's eight richest individuals had as much wealth as the poorest half of the world. This year, it said 42 people now had as much wealth as the poorest half, but it revised last year's figure to 61. Oxfam said the revision was due to improved data and said the trend of "widening inequality" remained. Oxfam's report coincides with the start of the World Economic Forum in Davos, a Swiss ski resort. The annual conference attracts many of the world's top political and business leaders. The charity is urging a rethink of business models, arguing their focus on maximising shareholder returns over broader social impact is wrong. It said there was "huge support" for action with two thirds (72%) of 70,000 people it surveyed in ten countries saying they wanted their governments to "urgently address the income gap between rich and poor". Oxfam's report is based on data from Forbes and the annual Credit Suisse Global Wealth databook, which gives the distribution of global wealth going back to 2000.
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