Ahead of the World Economic Forum set to start tomorrow in Switzerland, Oxfam International published a report regarding global economic inequality. According to the report, the richest people in the world continue raking in an exorbitant amount of capital, while the impoverished become poorer. The Oxfam report indicates that 82% of the world’s wealth is concentrated among one percent of the population.
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A report published on Monday morning by development charity Oxfam International suggests that the economic gap between the wealthy and the poor widened even more in 2017. According to the report, 82% of the global wealth created last year is concentrated among one percent of the population, while the impoverished half of the globe little to no economic growth. Furthermore, Oxfam asserts that the report’s data attests to the world economic system’s failure.
Oxfam blamed the increased economic gap on tax evasion, companies’ influence on government policy, and deteriorating workers’ status and rights. The NGO notes that it has reached similar findings in its annual reports for five consecutive years. Last year’s report suggested that 62% of the world’s billionaires hold as much wealth as the poor half of the world, roughly 4 billion people. This year, only 42 of the world’s wealthiest people hold this wealth.
Oxfam International CEO Mark Goldring published the report a day before the World Economic Forum begins in Davos, Switzerland. The forum draws the world’s wealthiest people and is considered a must-attend for political leaders, including those in Israel, the US and Germany. Goldring says that conducting the report’s research was not so simple, as billionaires do not tend to publish their finances and poorer countries’ systems are not necessarily capable of providing sufficient data. Therefore, the research was conducted based on data from Forbes, the Credit Suisse Global Wealth data book and a survey distributed to 70,000 people around the world. 72% of the survey-takers stated that they want their governments to urgently deal with the salary gaps between the poor and the wealthy and due to their answers, Goldring is calling for a reevaluation of the economic system and the business world.