World's richest 1% grabbed 82% of all wealth created in 2017, Oxfam study finds - Jan. 21, 2018
That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth. Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work. "The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International. The head of the advocacy group argued that the people who "make our clothes, assemble our phones and grow our food" are being exploited in order to enrich corporations and the super wealthy. The study, released ahead of the World Economic Forum in Davos, was produced using data from Credit Suisse's (CS) Global Wealth Databook. Related: 5 ways the world is pulling apart The report also highlights the detrimental effects of gender inequality with data that show more men own land, shares and other capital assets than women. Related: Thought 2017 was bad?
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