World's richest get 82 percent of global wealth: Oxfam

World's richest get 82 percent of global wealth: Oxfam
From Al Jazeera - January 22, 2018

Half of the world's population received no share of all wealth created globally last year, while 82 percent went to the richest one percent, a report by Oxfam International revealed.

Billionaires in 2017 increased their wealth by $762bn, enough to end "global extreme poverty seven times over", the UK-based charity's annual inequality report, published on Monday, said.

Winnie Byanyima, the organisation's executive director, has called the boom a "symptom of a failing economic system".

"The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors," she said on January 19.

Last year saw the biggest increase in billionaires in recorded history, with one minted every two days, according to the report, named 'Reward work, not wealth'.

There are now 2,043 billionaires worldwide - 90 percent of which are men - the report, based on data from Credit Suisse's Global Wealth Databook for 2017, said.

Tax evasion, erosion of workers' rights and automation are responsible for the world's economic inequality, according to Oxfam.

The organisation has called for greater redistribution of wealth through the use of taxation and public spending programmes by governments worldwide, the elimination of the gender pay gap and a focus on 'living wages' rather than minimum wages.

'Demonising capitalism'


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