Tuesday, January 17, 2017

Rich are becoming super rich

The world’s 10 biggest corporations together had revenue greater than that of the poorest 180 countries combined in 2015-16, says a new report by Oxfam.

Total global wealth has reached a staggering $255 trillion. Since 2015, more than half of this wealth has been in the hands of the richest 1 per cent of people. At the very top, this year’s data finds that collectively the richest eight individuals have a net wealth of $426 billion, which is the same as the net wealth of the bottom half of humanity,” says the report, adding that “By any measure, we are living in the age of the super-rich, a second ‘gilded age’ in which a glittering surface masks social problems and corruption.

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