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Majority of new wealth last year went to world’s richest 1%
82% of all wealth generated in 2017 did not reach the poor who needed the wealth instead it was acquired by the rich.
This means that about 82% of all wealth generated in 2017 went to 1% of the already rich population while the poor remain poor and ended up gaining nothing from the wealth generated.
As global political and business leaders gathered for the World Economic Forum annual meeting in Davos, Switzerland, the charity’s report highlights a global system that rewards the super-rich and neglects the poor. It found that 3.7 billion people who make up the poorest half of the world saw no increase in their wealth in 2017.
Winnie Byanyima, Oxfam executive director said that "It reveals how our economies are rewarding wealth rather than the hard work of millions of people. The few at the top get richer and richer and the millions at the bottom are trapped in poverty wages."
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Byanyima blamed tax dodging as a major cause of global inequality and urged leaders to clamp down on tax havens and plow money into education, healthcare, and jobs for young people.
Oxfam said that women workers were worst hit by global inequality as they consistently earn less than men and usually have lower paid and more insecure forms of work.
The World Economic Forum has previously estimated that it would take 217 years before women earn as much as men and have equal representation in the workplace.
Oxfam called for all workers to receive a minimum living wage, the elimination of the gender pay gap and tougher rules to crackdown on tax avoidance.
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