Date
26 May 2017
The poorest 50 percent of the world's population is worth an estimated US$1.76 trillion, which is also the estimated net worth of the richest 62 people in the world. Photo: ABC News
The poorest 50 percent of the world's population is worth an estimated US$1.76 trillion, which is also the estimated net worth of the richest 62 people in the world. Photo: ABC News

Oxfam: This is how bad the wealth gap has become

Just 62 people control as much wealth as half of the world’s poorest population, according to a new study.

That means those 62 individuals collectively own as much wealth as the world’s poorest 3.6 billion people, ABC News reports, citing Oxfam.

The anti-poverty organization warned that the gap between rich and poor is growing even wider.

The report was released in the lead-up to the World Economic Forum in Davos, Switzerland, scheduled to start on Wednesday.

“While such extreme inequality is bad for all of us, it’s the poorest among us who suffer the grimmest consequences,” Oxfam America president Raymond C. Offenheiser said in a statement.

The report said the poorest 50 percent of the world’s population is worth an estimated US$1.76 trillion, which is also the estimated net worth of the richest 62 people in the world.

The report did not name names but based the selection on reporting by Forbes.

One of the biggest areas of concern is that the group of the ultra-wealthy are getting wealthier, making the gap between rich and poor more distinct.

Just five years ago, the majority of the world’s wealth was controlled by 388 people.

That means that in those five years, the majority of the world’s wealth has been consolidated into the hands of less than one-sixth of the number of people who used to control it.

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RA

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