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Rich People Add Millions, Poor Cut Income, Study Says

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While billionaires have increased their wealth at a rate of 2.5 billion dollars a day, the incomes of the world' s poorest half of the population fell 11 percent in 2018, a specialized source said on Monday.
 
According to the report presented in Davos by Oxfam, a 17-nation international confederation of non-governmental organizations, 26 billionaires have more money than the world's 3.8 billion poorest people.
 
According to the report, Ethiopia's health budget is equivalent to one percent of the world' s richest man and Amazon company owner, Jeff Bezos' fortune, reached 112 billion dollars last year.
 
The world's billionaires, who have seen their money grow by almost a billion dollars over the past year, hide 7.6 trillion dollars from the treasury in countries such as Brazil or the UK, the research said.
 
In comparison, the analysis added, the poorest 10 percent pay higher taxes in proportion to their income than the richest.
 
OXFAM figures, based on data published by Forbes magazine and Credit Suisse bank, established that the number of billionaires doubled in a decade and by 2017 the proportion was 43 billionaires owning more wealth than the poorest half of humanity.
 
The widening gap between rich and poor penalizes the fight against poverty, harms the economy and fuels anger around the world, said OXFAM CEO Winnie Byanyima. / PL

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