Eight billionaires own the same wealth as the 3.6 billion people who form the poorest half of the world\'s population, an Oxfam report published today reveals as global political and business elites gather in Davos for their annual meeting.
The research - An Economy for the 99 Percent - shows that the gap between rich and poor is far greater than had been feared. New and better data on the distribution of global wealth - particularly in India and China - indicates that the poorest half of the world has less wealth than previously thought.
If this data had been available last year it would have shown that nine billionaires then owned the same wealth as the planet\'s poorest half rather than 62, as Oxfam calculated at the time.
Oxfam\'s report shows that in 2015 the world\'s richest one percent retained their share of global wealth and still own more than the other 99 percent combined.
The report describes how the inequality crisis is being fuelled by companies whose business models are increasingly focused on delivering ever-higher returns to wealthy owners and top executives.
Oxfam said that companies are structured to dodge taxes, drive down workers\' wages and squeeze producers instead of fairly contributing to an economy that benefits everyone.
Oxfam is calling for a fundamental change in the way economies are managed so that they work for everyone, not just a privileged few.
Mark Goldring, Oxfam GB chief executive, said: "This year\'s snapshot of inequality is clearer, more accurate and more shocking than ever before. It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity.
"While one in nine people on the planet will go to bed hungry tonight a small handful of billionaires have so much wealth they would need several lifetimes to spend it. The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become.
"Inequality is not only keeping millions of people trapped in poverty, it is fracturing our societies and poisoning our politics. It\'s just not right that top executives take home massive bonuses while workers\' wages are stagnating or that multinationals and millionaires dodge taxes while public services are being cut."
Oxfam is calling for a more human economy where markets - a vital engine for prosperity - are better managed in order to ensure no one is left out or denied basic rights such as decent work, healthcare and education.
Key features would include:
- Improved cooperation between governments to prevent tax dodging that costs poor countries at least $100 billion every year;
- Government action to encourage companies to act for the benefit of their workforces and wider society as well as their executives and shareholders;
- Taxes on wealth to generate funds for healthcare, education and job creation;
- Action to tackle the barriers that hold back women including lack of education opportunities and the burden of unpaid care work.