Monday, January 16, 2017

Eight men own same wealth as world's poorest 50% (Oxfam)

Eight billionaires own the same wealth between them as the 3.6 billion people who make up the poorer half of the world's population, according to a new report published by Oxfam.

The Oxfam report said the concentration of wealth at the top among just eight men is holding back the process of ending global poverty.

The report comes before political and business leaders meet tomorrow at the World Economic Forum in Davos, Switzerland.

The report, "An Economy for the 99%", says the richest 1% has owned more wealth than the other 99% combined.

Oxfam said tax avoidance by corporations and wealthy individuals is contributing to inequality with the poorest losing out.

The report said those tax revenues are critical for funding the policies and services that can fight inequality including infrastructure, health and education.

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