According to a report released by Oxfam, the disparity between the rich and poor is even more dramatic than previously thought. 8 men, the report says, control as much wealth as 3.6 billion people, or close to half the world’s population.
Oxfam cited Forbes’ March 2016 billionaires list to substantiate their claim. In order, the 8 men that control half the world’s wealth are Microsoft founder Bill Gates whose net worth is $75 billion; Amancio Ortega, the Spanish founder of Inditex; Warren Buffett; Carlos Slim Helu; Jeff Bezos of Amazon; Mark Zuckerberg; Oracle’s Larry Ellison; and Michael Bloomberg.
Oxfam warns that this kind of economic inequality will inevitably lead to more drastic and extreme political changes, like the United States’ election of Donald Trump and Britain’s vote to leave the EU.
Winnie Byanyima, executive director of Oxfam International, said, “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. Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.”