Sounds a lot like Donald Trump and his Cabinet doesn't it? His cabinet alone is worth over 7 billion dollars which is the richest cabinet ever assembled in the U.S.
These 8 men are richer than 3.6 billion people combined
by Ivana Kottasova @ivanakottasova January 15, 2017: 7:44 PM ET
What is income inequality?
Eight men now control as much wealth as the world's poorest 3.6
billion people, according to a new report from Oxfam International.
The men -- Bill Gates, Warren Buffett, Carlos Slim, Jeff Bezos, Mark
Zuckerberg, Amancio Ortega, Larry Ellison and Michael Bloomberg -- are
collectively worth $426 billion, the anti-poverty group said on Sunday.
"Such dramatic inequality is trapping millions in poverty,
fracturing our societies, and poisoning our politics," said Paul
O'Brien, Oxfam America's Vice President for Policy and Campaigns.
The release of the group's annual inequality report coincides with the World Economic Forum in Davos.
The annual meeting in the Swiss mountain resort brings together
political and financial leaders and some of the wealthiest people in the
world. Eight men now control as much wealth as half of the world's population. The Oxfam report said that the richest 1% has owned more wealth than the rest of the planet since 2015. In the U.S., the richest 1% control 42% of the wealth. Related: The world is becoming a very scary place
The study draws from Forbes' annual list of billionaires and Credit Suisse's Global Wealth Databook.
It has been four years since the WEF identified rising economic
inequality as a major threat to social stability. But Oxfam said the
problem is just getting worse.
"Despite world leaders signing
up to a global goal to reduce inequality, the gap between the rich and
the rest has widened," it said. Global wage calculator: Compare your salary
The report said that seven out of 10 people live in a country where
inequality has worsened over the past three decades. And over the past
25 years, the top 1% has gained more income than the bottom 50% put
together.
"Far from trickling down, income and wealth are being sucked upwards at an alarming rate," the report said.
There's also a big gender disparity. Of the 1,810 dollar billionaires around the world, 89% are men.
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