Oxfam Study Finds that 62 Individuals as Wealthy as Half of Global Population

A new report issued by Oxfam has found that the wealthiest 62 individuals in the world control as much wealth as the poorest half of the world population. The report was issued by the non-pnrofit organizatio on Monday.

The report found that for these 62 wealthiest individuals, net worth has increased by roughly  44% in the past half decade. By comparison, the total net worth of the poorest half of the global population has decreased by roughly 41%. Of the wealthiest 62, approximately one half were from the United States, more than a quarter were from Europe, and the remainder hailed from diverse countries including Saudi Arabia, Japan and Brazil.

 

In the same report, Oxfam found that the wealth of the richest 1% of the global population had grown to equal that of the remaining 99% of the population. This particular measure of income inequality, which was the focus of the report, has shifted by a 6% margin since 2010, when the wealthiest 1% of individuals owned 44% of the global wealth in contrast to the remaining 99%’s control of 56%.  In order to arrive at its statistics, Oxfam added total assets and cash and then subtracted debts in order to arrive at a measure of net worth. According to its finding, the top 10% of the global population consists of anyone with a combined worth in cash and assets of $68,800 or more. The top 1% by wealth includes anyone with a net worth in excess of $760,000.  For reference, the average sale price of a house in Brooklyn was found in a 2015 Douglas Elliman to be $788,529. Another study, conducted by the British Land Registry, found that the average price of a house in London in 2015 was roughly £500,000 ($712,558) putting those who own homes in these cities well into the upper financial echelons by the definitions established by the Oxfam study.

 

Sources:

http://www.marketwatch.com/story/just-62-people-own-as-much-wealth-as-half-the-worlds-population-oxfam-2016-01-18

http://www.bbc.com/news/business-35339475

http://www.forbes.com/sites/timworstall/2016/01/18/weve-already-solved-oxfams-little-inequality-problem/#2715e4857a0be0f29176122d

http://www.cbc.ca/news/world/richest-62-people-own-same-as-half-worlds-population-oxfam-davos-1.3408049

https://www.dnainfo.com/new-york/20150709/park-slope/average-home-prices-brooklyn-queens-hit-new-record-highs

 

 

 


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