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Only 1% of World's Population Grabbed 82% of all 2017 Wealth

posted by martyb on Saturday January 27 2018, @12:43PM   Printer-friendly
from the I-got-mine!-And-Yours.-And-Yours.-Annnnnd-yours,-too. dept.

canopic jug writes:

The 1% grabbed 82% of all wealth created in 2017

More than $8 of every $10 of wealth created last year went to the richest 1%.

That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth.

Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International.

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  • (Score: 4, Interesting) by Anonymous Coward on Saturday January 27 2018, @04:13PM

    by Anonymous Coward on Saturday January 27 2018, @04:13PM (#628921)

    Suppose that outsourcing and migration cuts American wages from $200/day to $100/day while increasing 3rd-world wages from $2/day to $5/day. Wealthy investors get lots of cheap labor, so they each go from having $1 billion to having $100 billion.

    The global poor win by a factor of 2.5, the rich win by a factor of 100, and the typical American loses by a factor of 2.

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