The Bottom Half Of The World's Population Has the Same Wealth As Richest 85 People

By Joe Cereola

Last month, just days before the World Economic Forum began its annual meeting in Davos, Switzerland, Oxfam International released a report titled, "Working For The Few," that delivered some stunning statistics on global inequality.

According to the Oxfam report:

• Almost half of the world’s wealth is now owned by just one percent of the population.
• The wealth of the one percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half of the world’s population.
• The bottom half of the world’s population owns the same as the richest 85 people in the world.
• Seven out of ten people live in countries where economic inequality has increased in the last 30 years.
• The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012.
• In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.

Such a staggering disparity between the world's richest and poorest is difficult to comprehend; that 85 individuals could possibly make so great a contribution to humanity that it justifies such mind-boggling inequality defies credulity. 

People have differing abilities, motivations, and desires; and some degree of inequality is natural and necessary. Exploiting that natural inequality to capture the political system to gain an even greater advantage and garner even more wealth is unconscionable and will inevitably lead to social unrest and political instability. Unfortunately, the problem is getting worse, not better.

I could go on, but rather than read my summary, see the Oxfam report for yourself. It's very short, just a few pages, and well worth your time.
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Bold Bullion Image courtesy of Boykung/ FreeDigitalPhotos.net