New Report Highlights Wealth Inequity In The World - Philadelphia News, Weather and Sports from WTXF FOX 29

New Report Highlights Wealth Inequity In The World

Posted: Updated:

The rich get richer, while the poor get poorer! A new report finds a very small number of people control more wealth than nearly half the planet.

The report by the international charity organization, Oxfam, reports that 85 of the world's top billionaires collectively have more wealth than half the population on earth! That's more money than three and a half billion people combined.

These 85 people, which include US billionaires like Bill Gates and Warren Buffett, collectively control $110 trillion!

This is could be troubling for some in the US. The gap between the rich and the poor is growing faster here than any other developed country in the world.

Of all the money that was generated post-recession, 95% of it went to the top one percent, while 90% of Americans became less wealthy.

Put another way: imagine seven dozen people, enough to squeeze in a subway car. They have more wealth than 3.5 billion people. Those 3.5 billion people account for $1.7 trillion or about 0.7% of the world's wealth.

The organization that published the study, Oxfam, is a nonprofit that specializes in poverty relief and human rights.

"Left unchecked, political institutions are undermined and governments overwhelmingly serve the interests of economic elites – to the detriment of ordinary people," Ricardo Fuentes-Nieva, head of research at Oxfam writes.

  • Local NewsMore>>

  • Only On Fox: Arsonist On The Loose In South Jersey Town

    Only On Fox: Arsonist On The Loose In South Jersey Town

    Wednesday, April 16 2014 4:45 PM EDT2014-04-16 20:45:07 GMT
    It started with a brush fire, then another fire at the rear of this home on Monroe Street and finally a blaze that swept through this vacant home up the block, just a few feet away from where Emma Sethman
    It started with a brush fire, then another fire at the rear of this home on Monroe Street and finally a blaze that swept through this vacant home up the block, just a few feet away from where Emma Sethman
  • Police Search For Missing 16-Year-Old In Camden

    Police Search For Missing 16-Year-Old In Camden

    Police Search For Missing 16-Year-Old In Camden

    Sunday, April 20 2014 10:27 PM EDT2014-04-21 02:27:11 GMT
    Camden County Police are looking for a missing 16-year-old from Lanning Square.Police say Zebedee Matthews was reported missing Sunday, April 20th from his home on the 600 block of Benson Street.Police describe him as a black male, 5'6 ½", 115 pounds, with brown eyes and black hair. He has been reported missing three times before and is known to frequent Leonard Avenue in Camden, according to authorities.If you have information on his whereabouts, please call the CCPD tip line at (856) 757-7042.
    Camden County Police are looking for a missing 16-year-old from Lanning Square.Police say Zebedee Matthews was reported missing Sunday, April 20th from his home on the 600 block of Benson Street.Police describe him as a black male, 5'6 ½", 115 pounds, with brown eyes and black hair. He has been reported missing three times before and is known to frequent Leonard Avenue in Camden, according to authorities.If you have information on his whereabouts, please call the CCPD tip line at (856) 757-7042.
  • Kraft Foods Group Recalls 96,000 Pounds Of Hot Dogs

    Kraft Foods Group Recalls 96,000 Pounds Of Hot Dogs

    Sunday, April 20 2014 9:24 PM EDT2014-04-21 01:24:54 GMT
    Kraft Foods Group, Inc. has issued a recall for approximately 96,000 pounds of Oscar Mayer Classic Wieners.
    Kraft Foods Group, Inc. has issued a recall for approximately 96,000 pounds of Oscar Mayer Classic Wieners.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices