Eight men own the same wealth as half the world’s population, a level of inequality which “threatens to pull our societies apart”, Oxfam said on Monday ahead of the World Economic Forum opening in Davos.
Presenting its findings on the dawn of the annual gathering of the global political and business elites in the Swiss ski resort of Davos, anti-poverty organization Oxfam says the gap between the very rich and poor is far greater than just a year ago. It’s urging leaders to do more than pay lip-service to the problem.
If not, it warns, public anger against this kind of inequality will continue to grow and lead to more seismic political changes akin to last year’s election of Donald Trump as U.S. president and Britain’s vote to leave the European Union.
“It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day,”...