- Sep 15, 2010
- Reaction score
snipThe study found the richest 1% had $110 trillion in wealth -- 65 times the total wealth of the bottom half of the population.
That bottom half of the population owned about $1.7 trillion, or about 0.7% of the world's wealth. That's the same amount as owned by the 85 richest people, the report said.
The findings undermine democracy and make it more difficult to fight poverty, the report said.
It is staggering that in the 21st century, half of the worlds population own no more than a tiny elite whose numbers could all sit comfortably in a single train carriage," said Winnie Byanyima, the group's executive director.
"Widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table," she said.
85 richest people own as much as bottom half of population, report says - latimes.com
How'd they do it? Hard Work? More elbow grease? More Gumption?The percentage of income held by the richest 1% in the U.S. has grown by nearly 150% since 1980. That small elite has received 95% of wealth created since 2009, after the financial crisis, while the bottom 90% of Americans have become poorer, Oxfam said.
The share of wealth owned by the richest 1% also expanded in all but two of the 26 nations tracked by researchers in the World Top Incomes Database.
That's caused a "massive concentration of economic resources in the hands of fewer people," Oxfam said.
And thats when they created all the jobs that are all around us. Everywhere, just like they promised when they asked for lower taxesFalling taxes for the rich and increased use of tax havens have helped widen income inequality, Oxfam said.