All the cash in the world is becoming even more concentrated in the power of only a small number of people, a report released recently claims.
Only 62 super-wealthy, mostly white males; including Bill Gates, Warren Buffett, the Koch Brothers and the Walmart family own as much as the lower half of the world.
The wealth for the richest 62 has gone up an amazing 44% since 2010, to $1.76 trillion. At the same time the wealth of the lower half of the world decreased by 41%.
Most of the amazing increase of wealth is related to the booming share market, as Credit Suisse stated in the Global Wealth Report in 2015.
Oxfam used this report in its analysis leading to the determination that global inequality had summited to a new level. That the wealthiest 1% of the world now own half of the world’s wealth.
It is not simply the share market driving the amazing rise in inequality. The Oxfam report also states that tax dodging is a major factor and pushes governments around the world to address tax avoidance carried out by wealthy individuals and companies.