OXFAM: Richest 1% own more than rest of the world

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Published on Jan 18, 2016

Inequality across the globe has reached shocking extremes. A new report shows the combined wealth of the richest ONE percent now overtakes the rest of the world’s population.

According to international aid group, Oxfam, 62 rich people own as much wealth as the poorest half of the world. The figure has fallen from 388 in just over five years. The anti-poverty agency has published its findings on the eve of the World Economic Forum in the Swiss town of Davos. The report entitled “AN ECONOMY FOR THE ONE PERCENT” says the gap between the richest and the rest has widened dramatically in the past 12 months. It also points to gender inequality, saying women are disproportionately affected by the current trend. More than 40 heads of state and government representatives are expected at the Davos meeting beginning on Tuesday. Oxfam Executive Director Winnie Byanima says world leaders have failed to tackle inequality despite repeated pledges.

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