Half of Humanity's Wealth Is Owned By Only 8 People

We all know the wealth gap is atrocious, but we bet you don't know just how bad. In fact, the richest eight men are worth more than the poorest half - of the world!

According to recent analysis from Oxfam, the wealth gap is growing even more obscenely than usual. In their report, titled An Economy for the 99%, they note that eight wealthiest men are, according to Forbes, worth a combined net worth of $426 billion. In comparison, the world's poorest half, comprised of 3.6 billion people, has a combined net worth of only $409 billion.

Additionally, they note that from 1988 through 2011, the poorest 10 percent only saw their income increase by $3 per year - or less. In the same time frame, the richest 1 percent saw their income grow nearly 200 times as much.

Oxfam GB Chief Executive, Mark Goldring, noted that the inequality snapshot is much clearer this year; it’s more accurate and shocking than ever.

“It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity,” said Goldring, who argues that one in nine people will go to bed hungry each night, while a handful of billionaires would need several lifetimes to spend what they have accumulated.

This inequality helps keeps millions of people trapped in poverty. It’s not right that top executives are taking home massive bonuses, while the bulk of workers, carrying the bulk of the workload, continue to earn meager and stagnant wages. Public services are being cut everywhere, and the richest multinationals and millionaires keep finding loopholes to dodge taxes.

Here are the eight wealthiest men, according to the Forbes billionaire list.

  1. Bill Gates, Microsoft co-founder, investor, author and philanthropist, with a net worth of $75 billion.
  2. Amancio Ortega of Spain’s source of wealth is Zara. His net worth is $67 billion.
  3. Warren Buffett is the CEO of Berkshire Hathaway, with a net worth of $60.8 billion.
  4. Carlos Slim Helu, from Mexico, is a telecoms giant with a net worth of $50 billion.
  5. Jeff Bezos is the chairman, founder and CEO of Amazon, with a net worth of $45.2 billion.
  6. Mark Zuckerberg, co-founder, chairman and CEO of Facebook, has a net worth of $44.6 billion.
  7. Larry Ellison is the co-founder and CEO of Oracle, with a net worth of $43.6 billion.
  8. Michael Bloomberg, founder, owner and CEO of Bloomberg LP, has a net worth of $40 billion.

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Half of Humanity's Wealth Is Owned By Only 8 People Half of Humanity's Wealth Is Owned By Only 8 People Reviewed by matt on 15:46:00 Rating: 5
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