42 People Own the Same Wealth as the Bottom 3.7 Billion, Says Report

Posted by on January 27, 2018 in Entertainment, Media & Arts with 0 Comments

Photo Credit: Oxfam America

By Amanda Froelich | The Mind Unleashed

Repeat after me: “I am free.” Now, say it again with conviction. Can you? Probably not. This is because the world we collectively share is anything but fair, and this is largely due to an imbalanced distribution of wealth. If you are doubtful, perhaps a new report by Oxfam will convince you. In their recent report, entitled “Reward Work, Not Wealth“, the non-profit organization reveals that 82 percent of the wealth created in 2017 “went to the richest one percent.”

According to the report, 2017 “saw the biggest increase in the number of billionaires in history.” In fact, a new billionaire was made every other day during the year. These means there are now 2,043 dollar billionaires on Earth.


Dangerous, poorly paid work for the many is supporting extreme wealth for the few. Women are in the worst work, and almost all the super-rich are men. Governments must create a more equal society by prioritizing ordinary workers and small-scale food producers instead of the rich and powerful,says the report summary.

The report shares that the billionaires’ wealth increased by a whopping $762 billion in just 12 months. How much money is that? Well, “enough to end extreme poverty seven times over,” claims Oxfam. The compelling report was published as world leaders prepare for the upcoming World Economic Forum in Davos.

42 people now “own the same wealth as the bottom 3.7 billion people,” says the report. And, 61 people own the same wealth as the bottom 50 percent. The trend is nothing new, but is becoming more noticeable as “the richest one percent continue to own more wealth than the whole of the rest of humanity.”

 

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