Global inequality is reaching “new extremes,” according to a report released Monday by Oxfam, an international confederation of organizations working to find solutions to poverty.
The organization’s annual study of inequality was released just before the start of the the annual World Economic Forum in Davos, Switzerland.
It found that 62 billionaires now own as much wealth as “the bottom half of humanity,” or roughly 3.6 billion people.
Just five years ago, it took the fortunes of 388 billionaires to reach that lowly milestone, the report says, blaming tax havens for the dramatic rise.
The Oxfam report states, “A global network of tax havens further enables the richest individuals to hide $7.6 trillion.”
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It continues, “Meanwhile, the wealth of the bottom half fell by just over a trillion dollars in the same period – a drop of 41%.”
The full report can be read here.
[Vinnie Rotondaro is NCR national correspondent. His email address is email@example.com.]