The world's billionaires are growing $2.5 billion richer every day, while the net worth of the poorest half of the global population is diminishing.
Billionaires, who now number a record 2,208, have more wealth than ever before, according to an Oxfam International report published Monday. Since the global financial crisis a decade ago, the number of billionaires has nearly doubled.
The annual study was released ahead of the yearly World Economic Forum in Davos, Switzerland, an event that brings together some of the richest and most influential people on Earth. The 106-page report is meant to flag the growing gap between rich and poor, according to CNN.
The combined fortunes of the world's 26 richest individuals reached $1.4 trillion last year — the same amount as the total wealth of the 3.8 billion poorest people.
Most of these super--wealthy are American, according to the Forbes list of billionaires used by Oxfam. The names include Amazon's Jeff Bezos, Microsoft's Bill Gates, Berkshire Hathaway's Warren Buffett and Facebook's Mark Zuckerberg, who collectively are worth $357 billion, according to Forbes.
Oxfam recommends that nations tax wealth at fairer levels, raise rates on personal income and corporate taxes and eliminate tax avoidance by companies and the super-rich. It also advocates providing universal free health care, education and other public services — and ensuring that women and girls also benefit. And it suggests investing in public services — including water, electricity and childcare — to free up women's time and limit the number of unpaid hours they work.
The report echoes policy positions embraced by the newly empowered Democrats in the United States, who are advocating for similar reforms.