82pc World Wealth Owned by Richest 1pc: Oxfam Report

PARIS: An Oxfam (international confederation of charitable organizations) report revealed that last year 82% of the new wealth created went to top 1%, while the world’s poorest 50% received 0% of this wealth.

According to the report, the number of billionaires in the world increased 6 times faster compared to minor workers since 2010.
From March 2016 to March 2017, billionaire’s wealth was increased every other day.

Oxfam figures reveal that eight billionaires from around the globe have as much money as the 3.6 billion people who make up the poorest half of the world’s population.

The report stated that billionaires would have seen an uptick of $762 billion, enough to end extreme poverty seven times over.

Oxfam Executive Director Winnie Byanyima, says that billionaires getting richer day by day, is not the economic improvement, but the sign of the destruction of the economy. Talking about women workers, the report states that salaries of female workers are much lower than male workers. Only one in 10 billion females is a billionaire.

The Oxfam head Mark Goldring said that it’s very difficult to find such people who work for the poor people’s welfare.
But we can change this. To end the inequality crisis, we can build a more humane economy that works for everyone, not just the fortunate few. An economy that rewards work, not wealth.” the report suggests.

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