While Davos Elites Address Populism, Just “Eight Men Own Same Wealth As Half The World”
by Joseph Jankowski of PlanetFreeWill.com
ZeroHedge.com
Jan 16, 2017
As political and business elite gather at the Swiss ski resort of Davos, a new report is shining light on the shocking reality of the wealth gap between the very rich and poor that is “pull our societies apart.”
A report by Oxfam released ahead the World Economic Forum in Davos shows the gap between the ultra-wealthy and the poorest half of the global population is starker than previously thought, with just eight men owning as much wealth as 3.6 billion people. And since 2015, the richest 1 per cent has owned more wealth than the rest of the planet.
The report urges the elite to address the problem, warning that public anger against this kind of inequality will continue to grow and cause more political firestorms such as the election of populist Donald Trump as U.S. president or Brexit.
“From Brexit to the success of Donald Trump’s presidential campaign, a worrying rise in racism and the widespread disillusionment with mainstream politics, there are increasing signs that more and more people in rich countries are no longer willing to tolerate the status quo,” Oxfam said in its new report.
“It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day,” said Winnie Byanyima, executive director of Oxfam International, who is attending the exclusive meeting in Davos. “Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.”
The same Oxfam report last year showed that it was 62 people holding as much wealth as the bottom half of the population.
This year’s report was revised using the Forbes’ billionaires list published in March 2016 which shows that Microsoft founder Gates is the richest individual with a net worth of $75 billion.
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