Eight men now control as much wealth as the world's poorest 3.6 billion people, according to a new report from Oxfam International.
"Such dramatic inequality is trapping millions in poverty, fracturing
our societies, and poisoning our politics," said Paul O'Brien, Oxfam
America's Vice President for Policy and Campaigns.
The release of the group's annual inequality report coincides with the
World Economic Forum in Davos. The annual meeting in the Swiss mountain
resort brings together political and financial leaders and some of the
wealthiest people in the world.
The Oxfam report said that the richest 1% has owned more wealth than the
rest of the planet since 2015. In the U.S., the richest 1% control 42%
of the wealth.
The study draws from Forbes' annual list of billionaires and Credit Suisse's Global Wealth Databook.
It has been four years since the WEF identified rising economic
inequality as a major threat to social stability. But Oxfam said the
problem is just getting worse.
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