Inequality Gap: 82 Percent of Wealth Created in 2017 Went to the 1 Percent
A new report from Oxfam revealed that 42 people hold as much wealth as the 3.7 billion who make up the poorest half of the world’s population.
“The concentration of extreme wealth at the top is not a sign of a thriving economy but a symptom of a system that is failing the millions of hard-working people on poverty wages who make our clothes and grow our food.” Winnie Byanyima, executive director of Oxfam
Oxfam claims that high level cronyism, monopolies, unfair tax policies, and tax avoidance are to blame for the inequality gap crisis.
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The report also included the following concerning statistics:
• 82% of the global wealth generated in 2017 went to the most wealthy 1%.
• Women’s unpaid work contributes $10 trillion per year globally.
• The bottom 50% saw no increase in wealth at all.
• The richest 1% has as much wealth as the rest of the world combined.