The 1% Took 82% of all Wealth Created in 2017
According to a new report published by Oxfam International, the world’s richest 1% took 82% of the wealth created last year – meaning that for every $10 of wealth created, $8 went to the richest 1%. The study also revealed that 50% of the world’s population didn’t see an increase in wealth at all.
Winnie Byanyima, executive director of Oxfam International stated
“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. It’s hard to find a political or business leader who doesn’t say they are worried about inequality. It’s even harder to find one who is doing something about it. Many are actively making things worse by slashing taxes and scrapping labor rights.”
Equality is also an issue here, as the report shows that men own more land, capital assets, and shares than women. Oxfam believes that governments should be focusing on policies to help distribute wealth fairly and have stronger workers’ rights.
When we’re thinking about the 1%, we usually picture billionaires sitting in their mansions, owning city blocks – but in reality to be in the world’s wealthiest 1% you need a net worth of just $770,000 USD (720,000 euros). Having an average income of more than $32,400 USD per year also places you in the world’s top 1%.
