Eight men own the same wealth as the 3.6 billion people who make up the poorer half of the world’s population, according to a new report published by Oxfam.
‘An Economy for the 99 Percent’ shows that the gap between rich and poor is far greater than had been thought thanks to new and better data on global wealth. Since 2015, the richest one percent has owned more wealth than the other 99 percent combined. Oxfam says this concentration of wealth at the top is holding back progress in ending global poverty.
The report also details how governments are facilitating big corporations and the super-rich to dodge taxes and use their power to influence politics – which is fuelling the inequality crisis. Miriam Gormally met with Michael McCarthy-Flynn, Senior Research and Policy Coordinator with Oxfam to find out more. She began by asking him if there was anything that could be done to stop this trend.