8 men own as much as half the world's population

8 people own as much as the poorest half of the world's population, according to a new report published by the aid organization Oxfam today at the opening of the annual meeting of politicians and business leaders in Davos.

Oxfam's report, 'An economy for the 99 percent', shows that the gap between rich and poor is wider than feared. It shows how big business and the super-rich are exacerbating the inequality crisis by evading taxes, driving down wages and using their power to influence policy. The report calls for a fundamental change in the way we manage our economies - so they work for everyone, not just the richest.

New and better data on the world's wealth distribution - particularly in India and China - shows that the poorest half of the population has less assets and more debt than previously known. Had this data been available last year, it would have shown that nine billionaires owned as much as half the world's population and not 62 as Oxfam calculated with the data available then.

"It is obscene that so much wealth is controlled by so few when 1 in 10 people live on less than $2 a day. Inequality makes poverty reduction more difficult and creates instability."

Robert Höglund, Head of Communications Oxfam Sweden

It is obscene that so much of the wealth is controlled by so few when 1 in 10 people live on less than 2 dollars a day. Inequality makes poverty reduction more difficult and creates instability," says Robert Höglund, Head of Communications for Oxfam in Sweden.

Oxfam's report shows that the world's richest people are increasing their wealth at such an astonishing rate that the world could see its first dollar trillionaire in just 25 years. To put the figure in perspective - if a trillionaire spends a million dollars every day, it will take 2,730 years to run out of money.

The report also shows that many of the world's super-rich have not made their money themselves. As many as half of the world's dollar billionaires have made their fortunes through inheritance or privileged relationships with governments.

In the report, Oxfam lists a number of incorrect assumptions about the economy. These include that the market is always right, that companies must maximize profits, and that GDP is a good measure of success. The report also offers a number of solutions on how to create an economy for all. For example, Oxfam argues that companies need to work for the majority and not just for shareholders, extreme wealth is abolished and a global collaboration on fair taxation is launched.

Oxfam is also asking Davos participants and all the world's billionaires to play their part in creating an economy for all. Among other things, they need to pay their fair share of taxes and ensure they pay a living wage to employees of companies they own or co-own. A letter to the world's dollar billionaires is available for the public to sign at: https: //actions.oxfam.org/sweden/en/actions/davos-sweden/