And they wonder, “Is that all?”
The private jets of the world's wealthiest men and women are swarming the Swiss Alps for the annual World Economic Forum (WEF), which begins Monday in Davos, Switzerland, in the midst of an ongoing global inequality crisis.
And that crisis is accelerating, according to a new Oxfam report released Monday: today, only eight men own the same amount of wealth as the 3.6 billion people who comprise the poorest half of humanity. Those eight men are Bill Gates, Amancio Ortega, Warren Buffett, Carlos Slim Helu, Jeff Bezos, Mark Zuckerberg, Larry Ellison, and Michael Bloomberg.It goes on to describe how super-rich individuals and the massive corporations they run are fueling the inequality crisis by offshoring taxes, driving down wages, and influencing government to their advantage, and argues that the "very design of our economies and the principles of our economics have taken us to this extreme, unsustainable, and unjust point."
"It is obscene for so much wealth to be held in the hands of so few when one in 10 people survive on less than $2 a day," said Oxfam International director Winnie Byanyima in a statement. "Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy."
Indeed, the report links rapidly rising inequality with the vote for Brexit and the election of President-elect Donald Trump, a frightening rise in xenophobia, and widespread frustration with mainstream politics.
"There are increasing signs that more and more people in rich countries are no longer willing to tolerate the status quo," the report notes. "Why would they, when experience suggests that what it delivers is wage stagnation, insecure jobs, and a widening gap between the haves and the have-nots?"
The report's research also highlights how rising inequality in poorer nations fuels profits to the world's wealthiest.