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>>

  • Police: Man kills wife, wounds self at New Jersey hospital

    Police: Man kills wife, wounds self at New Jersey hospital

    Wednesday, August 27 2014 11:45 AM EDT2014-08-27 15:45:20 GMT
    Authorities say a man shot his wife and himself at a hospital in southern New Jersey.Camden County Prosecutor's Office spokesman Jason Laughlin says both are alive and being treated.
    Authorities say a man shot his wife and himself at a hospital in southern New Jersey.Camden County Prosecutor's Office spokesman Jason Laughlin says both are alive and being treated.
  • Girl set to testify in Bryant School school abduction

    Girl set to testify in Bryant School school abduction

    A now 7-year-old girl abducted from her Philadelphia kindergarten and sexually assaulted could testify Wednesday in the trial of a former day care worker.
    A now 7-year-old girl abducted from her Philadelphia kindergarten and sexually assaulted could testify Wednesday in the trial of a former day care worker.
  • Man Robs Olney Dunkin Donuts After Asking For Cup of Coffee

    Man Robs Olney Dunkin Donuts After Asking For Cup of Coffee

    Wednesday, August 27 2014 10:46 AM EDT2014-08-27 14:46:10 GMT
    Police are looking for a man who robbed a Dunkin Donuts in Olney.This happened on August 21 at 8:12 pm while employees were working inside the store located at 5401 North 5th Street. 
    Police are looking for a man who robbed a Dunkin Donuts in Olney.This happened on August 21 at 8:12 pm while employees were working inside the store located at 5401 North 5th Street. 
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 | New Terms of Service What's new | Ad Choices