A ‘Fundamentally Inhuman’ Economy: 26 Billionaires Own as Much as World’s 3.8 Billion Poorest People
By Jake Johnson ~ Common Dreams ~
While the wealth of billionaires increased by $900 billion last year, or $2.5 billion a day, latest Oxfam report on inequality shows “this bonanza has not been felt by the poorest half of the world, which saw its wealth decline by 11 percent.”
With Wall Street titans, tech moguls, and other members of the global financial and political elite set to gather in Davos, Switzerland this week for the annual World Economic Forum, a report published late Sunday found that the planet’s richest people saw their fortunes soar by $2.5 billion per day last year as the world’s poorest lost wealth.
According to Oxfam, the number of billionaires has doubled since the global financial crisis of 2008, even as average families have struggled mightily to recover.
In contrast to the soaring fortunes of the global financial elite, the wealth of the world’s poorest fell by $500 million each day in 2018—an overall decline of 11 percent.
“The economy we have today is fundamentally inhuman,” Paul O’Brien, vice president for policy and campaigns at Oxfam America, said in an interview with the Huffington Post.