According to a new report from Oxfam International, the world’s sixty two richest billionaires enjoy as much wealth as the bottom half of the world’s population. The wealthiest one percent of the world’s population own more than everyone else combined, a milestone that was achieved last year. What’s more, wealth continues to become increasingly concentrated at the top of global wealth pyramid.
The Oxfam report goes on to state that the top sixty two billionaires experienced more than half a trillion dollars in net worth increase between two thousand and ten and two thousand and fifteen. Over that same period, the three point six billion people at the bottom half of the wealth spectrum lost about a trillion dollars in aggregate wealth.
As reported by CNNMoney, each group, the top 62 billionaires and the bottom three point six billion people, recorded one point eight trillion dollars in wealth last year. Not only is the wealth gap growing, so too is the income gap.
The poorest twenty percent of the world, those who live below the extreme poverty line and live on less than a dollar ninety per day, barely saw their incomes increase between nineteen eight eight and two thousand and eleven, while the most prosperous ten percent experienced a forty six percent increase in income.
