Oxfam, an international development non-governmental organization, has published a report on global wealth inequality, pointing out that 2,153 billionaires own more wealth than 4.6 billion people combined.
To make things further interesting, only 162 out of these billionaires have enough wealth than the poorest half of the world.
America is by far the most favorable country for the ultrarich with 705 billionaires – some having more wealth than the entire gross domestic product (GDP) for countries – and it was the only country in 2019 to witness an increase in this number.
In an odd analogy, the report says that if people sat on their wealth piled up in $100 bills, the two richest people on the planet would be sitting in space, whereas most people would be on the floor. Middle-class people from rich countries would be sitting as high as the size of a chair.
Billionaires have witnessed an average increase of 7.4% in their wealth annually since 2009 as the top 500 ultrarich personalities added a whopping $1.2 trillion to their assets in 2019.
The report uses data from the Credit Suisse Global Wealth Report, Forbes and Bloomberg.
Despite the fact that the wealth of the poorest has slightly increased over the years, the rate at which the world is reducing poverty has plunged to half since 2013.
The difference between the poorest and the richest is massive when it comes to benefiting from global growth as the richest 1% got 27 cents of every dollar whereas the poorest 50% received only 12% of every dollar from 1980 to 2016.
According to the latest statistics, 50% of the world population earns less than $5.50 a day whereas 735 million make $1.90 or less a day, which defines extreme poverty.
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