BILLIONAIRES EARNED ENOUGH MONEY IN 2017 TO END EXTREME POVERTY SEVEN TIMES OVER, REPORT SAYS

Last year, the world’s billionaires made over $462 billion combined—enough money to end extreme poverty around the globe seven times over. With a new billionaire added to the list nearly every two days, wealth inequality widened, according to a new report from Oxfam.

Forty-two of the richest people in the world now hold as much wealth as 3.7 billion of the poorest people in the world, according to the report, released Monday by the international charitable organization.

The world now has 2,043 billionaires, after a new one emerged every two days in the past year, the nonprofit organization said in a report published Monday. 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 world’s richest person, Amazon.com 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 Forum’s annual meeting. Noting that many of the world’s elite say they’re 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.

“People are ready for change,” Byanyima said. “They want a limit on the power and the wealth which sits in the hands of so few.”

So what do you think?

Tell us in the comments.

Source : http://www.newsweek.com/billionaires-money-end-poverty-report-786675
Source : http://time.com/money/5112462/billionaires-made-so-much-money-last-year-they-could-end-extreme-poverty-seven-times/

Comments

comments

You May Also Like