Just 62 individuals together hold the same amount of wealth as the world’s poorest 3.5 billion people combines, according to a new report from Oxfam.
With $1.76 trillion, 62 people held more wealth than half the world’s population combined in 2015; that number was 388 people in 2010. The concentration of wealth among those 62 individuals—smaller than the number of people who can fit on a double decker bus—increased by 44 percent between 2010 and 2015 and is roughly equivalent to the GDP of Canada. With a privileged few benefiting from a tightened concentration of wealth and an estimated $7.6 trillion hidden in offshore tax havens, global economic inequality is “reaching new extremes,” according to the report.
“The economy after the financial crisis and the recession is beginning to going to grow again and everyone takes that to be a positive, but what we’re seeing is that this growth, the increased income and wealth, is being captured by the richest,” Gawain Kripke, policy director for Oxfam, a U.K.-based nonprofit, tells Newsweek. “Working-class people and the poor are not benefiting from the growth, so something is deeply wrong with the economy and the social contract in which if you work hard and play by the rules [you’ll be rewarded]. It’s broken.”