According to the latest Oxfam report, 62 people own half of the world's wealth, while "the wealth of the poorest 3.6 billion people plunged by 41 per cent." The report blames a broken economic model, tax avoidance schemes, as well as workers not being paid a living wage.
"The big winners in our global economy are those at the top. Our economic system is heavily skewed in their favour. Far from trickling down, income and wealth are instead being sucked upwards at an alarming rate," the report said.
Oxfam acknowledged that efforts to tackle inequality had seen the halving of the number of people living below the extreme poverty line between 1990 and 2010.
"Yet had inequality within countries not grown during that period, an extra 200 million people would have escaped poverty. That could have risen to 700 million had poor people benefited more than the rich from economic growth," it said.
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|"Oxfam estimates that just 1 percent of the world’s population will own more than 50 percent of the world’s wealth by 2016."|
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