New Report Highlights Wealth Inequity In The World - KMSP-TV

New Report Highlights Wealth Inequity In The World

Posted: Updated:

The rich get richer, while the poor get poorer! A new report finds a very small number of people control more wealth than nearly half the planet.

The report by the international charity organization, Oxfam, reports that 85 of the world's top billionaires collectively have more wealth than half the population on earth! That's more money than three and a half billion people combined.

These 85 people, which include US billionaires like Bill Gates and Warren Buffett, collectively control $110 trillion!

This is could be troubling for some in the US. The gap between the rich and the poor is growing faster here than any other developed country in the world.

Of all the money that was generated post-recession, 95% of it went to the top one percent, while 90% of Americans became less wealthy.

Put another way: imagine seven dozen people, enough to squeeze in a subway car. They have more wealth than 3.5 billion people. Those 3.5 billion people account for $1.7 trillion or about 0.7% of the world's wealth.

The organization that published the study, Oxfam, is a nonprofit that specializes in poverty relief and human rights.

"Left unchecked, political institutions are undermined and governments overwhelmingly serve the interests of economic elites – to the detriment of ordinary people," Ricardo Fuentes-Nieva, head of research at Oxfam writes.

  • Local NewsMore>>

  • Only On Fox: Arsonist On The Loose In South Jersey Town

    Only On Fox: Arsonist On The Loose In South Jersey Town

    Wednesday, April 16 2014 4:45 PM EDT2014-04-16 20:45:07 GMT
    It started with a brush fire, then another fire at the rear of this home on Monroe Street and finally a blaze that swept through this vacant home up the block, just a few feet away from where Emma Sethman
    It started with a brush fire, then another fire at the rear of this home on Monroe Street and finally a blaze that swept through this vacant home up the block, just a few feet away from where Emma Sethman
  • Teenage Boy Reported Missing In Camden

    Teenage Boy Reported Missing In Camden

    Teenage Boy Reported Missing In Camden

    Monday, April 21 2014 1:06 AM EDT2014-04-21 05:06:41 GMT
    Officials say Michael Edwards was last seen when he left his home on the 700 block of Berkley Street. He is described as a black male 5’5, 120 points, with brown eyes and black hair.Officials say Michael Edwards was last seen when he left his home on the 700 block of Berkley Street. He is described as a black male 5’5, 120 points, with brown eyes and black hair.
    Camden County Police are looking for a 15-year old teenage boy reported missing Saturday night.
    Camden County Police are looking for a 15-year old teenage boy reported missing Saturday night.
  • Police Search For Person Of Interest In Collingdale Hit-And-Run

    Police Search For Person Of Interest In Collingdale Hit-And-Run

    Monday, April 21 2014 1:05 AM EDT2014-04-21 05:05:34 GMT
    A man was struck by a SUV in Collingdale early Saturday morning. Police responded to reports of a hit and run on the 900 block of Bedford Avenue around 5:30 a.m. Upon arrival, they found a Range Rover crashed into a Chrysler 300 and a man was also laying the lawn of 919 Bedford Avenue covered in blood. The victim was transported to Crozer Chester Medical Center. He is in surgery with severe head and severe lower b...
    A man was struck by a SUV in Collingdale early Saturday morning. Police responded to reports of a hit and run on the 900 block of Bedford Avenue around 5:30 a.m. Upon arrival, they found a Range Rover crashed into a Chrysler 300 and a man was also laying the lawn of 919 Bedford Avenue covered in blood. The victim was transported to Crozer Chester Medical Center. He is in surgery with severe head and severe lower b...
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices