New estimates show that just eight men own the same wealth as the poorest half of the world. As growth benefits the richest, the rest of society – especially the poorest – suffers. Our economy must stop excessively rewarding those at the top and start working for all people.
The Credit Suisse Global Wealth Report shows once again that economic inequality remains at shockingly high levels. The richest 1 percent now has as much wealth as the rest of the world combined.
Fighting inequality is not just an issue of fairness but an economic necessity. That’s not Oxfam speaking, but the International Monetary Fund today.
In response to the Organization for Economic Co-operation and Development's (OECD) latest report on inequality, In It Together: Why Less Inequality Benefits All, Oxfam’s Senior Policy Advisor Claire Godfrey said:
“There is nothing surprising in the OECD’s latest report on inequality...
Global wealth is increasingly concentrated in the hands of a small wealthy elite. This briefing explains Oxfam’s methodology and data sources and updates key inequality statistics.
Oxfam presents new evidence that the gap between rich and poor is growing ever wider and is undermining poverty eradication. This report delves into the causes of the inequality crisis and looks at the concrete solutions that can overcome it.
Extreme inequality is hurting us all - damaging economic growth, fuelling crime, and squandering the hopes and ambitions of billions who are trapped at the bottom with no way out.
Every year, the gap between rich and poor gets even wider – and it’s being fuelled by the use of tax havens. Today, 8 individuals have the same wealth as the poorest half the people on our planet. It is time to bring an end to inequality. It is time to Even it up!