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BusinessTech reports that British think tank and charity group Oxfam has published its annual inequality report, claiming that levels of inequality have increased across the globe over the past year.
According to Oxfam’s report, published ahead of the World Economic Forum in Davos, Switzerland, the past year has seen the greatest number of new billionaires created than ever before – with a new billionaire joining the ranks almost every two days. The most shocking statistic Oxfam highlighted in its 2018 report was that 82% of all wealth created in 2017 was distributed among the world’s richest – the so-called 1% – while the world’s poorest, the bottom 50%, saw none of it. Oxfam commented: “There is growing evidence that the current levels of extreme inequality far exceed what can be justified by talent, effort and risk-taking. Instead they are more often the product of inheritance, monopoly or crony connections to government.” In respect of South Africa, the group highlighted that the top 10% of South African society received half of all wage income, while the bottom 50% of the workforce received just 12% of all wages.
- Read this report in full at BusinessTech
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