New Report Highlights Wealth Inequity In The World - Fox 2 News Headlines

New Report Highlights Wealth Inequity In The World

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The rich get richer, while the poor get poorer! A new report finds a very small number of people control more wealth than nearly half the planet.

The report by the international charity organization, Oxfam, reports that 85 of the world's top billionaires collectively have more wealth than half the population on earth! That's more money than three and a half billion people combined.

These 85 people, which include US billionaires like Bill Gates and Warren Buffett, collectively control $110 trillion!

This is could be troubling for some in the US. The gap between the rich and the poor is growing faster here than any other developed country in the world.

Of all the money that was generated post-recession, 95% of it went to the top one percent, while 90% of Americans became less wealthy.

Put another way: imagine seven dozen people, enough to squeeze in a subway car. They have more wealth than 3.5 billion people. Those 3.5 billion people account for $1.7 trillion or about 0.7% of the world's wealth.

The organization that published the study, Oxfam, is a nonprofit that specializes in poverty relief and human rights.

"Left unchecked, political institutions are undermined and governments overwhelmingly serve the interests of economic elites – to the detriment of ordinary people," Ricardo Fuentes-Nieva, head of research at Oxfam writes.

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