Billionaires Could End Extreme Poverty Seven Times

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The global economy has produced a record number of billionaires in the previous year. Today there are atleast 2,043 billionaires worldwide. According to the charity organisation, Oxfam International, new billionaires emerged every two days in the past year. The group contains mostly men that have a wealth surge of $762 billion which is enough to end the extreme poverty seven times over.

The top 500 billionaires in the world possess a net worth of 24% to $5.38 trillion, while the world’s richest person, Amazon.com Inc.’s Jeff Bezos, saw a gain of $33.7 billion.

“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” said Winnie Byanyima, executive director of Oxfam International. “The people who make our clothes, assemble our phones and grow our food are being exploited.”

Oxfam have published the report as global leaders, bankers and chief executives arrive in Davos, Switzerland, for the World Economic Forum’s annual meeting.

Oxfam have even called on governments to limit executive and shareholder returns, to ensure workers receive a living wage.

It also recommended that there should be a rise in tax for the wealthy, as well as eliminating the gender pay gap.

“People are ready for change,” Byanyima said. “They want a limit on the power and the wealth which sits in the hands of so few.”

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