Wealth of 62 People = Wealth of 3,600,000,000 People

The inequality of wealth across the world is growing at a considerable rate. Humanitarian organisation, Oxfam, released statistics which showed that the 62 richest people on the earth possessed wealth which is equivalent to what half the low income population in the world owns.

In other words, wealth of 62 people = wealth of 3,600,000,000 people.

The study showed that for the poorest half of the world, their wealth has fallen by a trillion dollars since 2010, where as the richest 62s wealth has increase by more than half a trillion.

Furthermore, the study by Oxfam also found that the richest one per cent on the planet is now worth more than the rest of everyone else put together.
It adds while the number of people living in extreme poverty declined between 1990 and 2010, the average annual income of 10 per cent of people with limited resources has increased less than three dollars per year in the last 25 years.

“It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich,” said executive director of Oxfam in the United Kingdom, Mark Goldring.

The findings were released in a report a day ahead of the World Economics Forum, where the worlds richest, government decision-makers and powerful business leaders will meet.

It is incredibly important that the governments and global leaders of developed nations take it upon themselves to help reduce the widening gap of wealth equality. Whilst, the number of people taken out of absolute poverty has increased, the issue of equality also needs to be addressed. In the report Oxfam outlined ways in which the richest people in the world can be ‘regulated’, which could result in money being generated and be reinvested to help those of lower incomes. They suggested, ‘a three-pronged approach was needed: a crackdown on tax dodging; higher investment in public services; and higher wages for the low paid.’

Oxfam asked world leaders to take action against the wealthy benefiting from questionable tax arrangements, something that deprives governments in developing countries of millions of dollars every year that could be used to improve health care and education.

“In a world where one in nine people go to bed hungry every night we cannot afford to carry on giving the richest an ever bigger slice of the cake”.