A recent report conducted by Oxfam has revealed the eight people on the planet who have as much money as the poorest half of the population. The eight on the mega-rich list are as follows:
Altogether, the assets of these eight men (minus the debts) come to $426 billion.
In 2016, the richest one per cent of the world’s population held half of the planet’s wealth. Out of the world’s 1,810 billionaires, 89 per cent are male. Together they own $6.5 trillion, which is as much wealth as 70 per cent of mankind.
‘Billions of people are fighting over crumbs from half of a pie, while the rich dig into fat slices all to themselves.’
Those who are in the poorest positions are mostly people living in Africa and India. They have limited access to education and very little money.
The recent results show a big problem in economic distribution, as well as economic equality. It seems as though the rich are becoming richer, whilst the gap to the poor is widening. The thriving stock market last year saw more wealthy people invest in the market and the rising value of the dollar also benefitted the rich. Also, President-elect Donald Trump has chosen the wealthiest Cabinet in American history: its members’ combined wealth comes close to $12 billion.
Furthermore, with Trump planning to cut taxes for the rich and abolish the Affordable Care Act, which would take health insurance away from millions, it seems as though the rich continue to reap the benefits of economic decisions, whilst the poor continuously struggle to make a decent living.
As economic inequality increases, more people are suffering financially. Some struggle to pay their bills, whilst others do not have the chance to enjoy the money they earn and others aspire to be grow in their finances. Whatever the situation, at the UCKG HelpCentre, we believe that people should flourish in their financial lives and be able to achieve higher standards of living. That is why every Monday we have financial meetings to help you learn how to become a financial success. We also hold business meetings fortnightly on Monday evenings for those of you who have or want to start your own business.
For more information, please call our 24hr helpline on 020 7686 6000 or visit your local UCKG HelpCentre.