8 Men own wealth equal to half of world population: Oxfam

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8 Men own wealth equal to half of world population: Oxfam

LONDON: Eight men own the same wealth as half the world’s population, a level of inequality which “threatens to pull our societies apart”, Oxfam said on Monday ahead of the World Economic Forum opening in Davos.

The wealth of the world’s poorest 3.6 billion people is the equivalent to the combined net worth of six American businessmen, one from Spain and another from Mexico.

Picked from Forbes’ billionaires list, they include Microsoft founder Bill Gates, Mark Zuckerberg who co-founded Facebook, and Jeff Bezos, founder of Amazon.

Oxfam pointed to a link between the vast gap between rich and poor and growing discontent with mainstream politics around the world.

“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, “An economy for the 99 percent”.

The charity said new data on wealth distribution from countries such as India and China had prompted it to revise its own calculation, having said a year ago the wealth of half the world’s population was in the hands of 62 people.

Inequality will be among the issues topping the agenda as the world’s political and business elite meet in Davos from Tuesday until Friday, when 3,000 people will gather for the annual meeting of the World Economic Forum.