Four out of every five dollars of wealth generated in 2017 ended up in the pockets of the richest 1%, while the poorest half of humanity got nothing, a report published by Oxfam found on Monday.
As global political and business leaders gather for this week’s World Economic Forum annual meeting in Davos, Switzerland, the charity’s report highlights a global system that rewards the super-rich and neglects the poor.
It found that 3.7 billion people who make up the poorest half of the world saw no increase in their wealth in 2017, while 82% of the wealth generated last year went to the richest 1% of the global population.
“(It) reveals how our economies are rewarding wealth rather than the hard work of millions of people,” Winnie Byanyima, Oxfam‘s executive director, told Reuters Television.
“The few at the top get richer and richer and the millions at the bottom are trapped in poverty wages.”
Byanyima blamed “tax dodging” as a major cause of global inequality and urged leaders to clamp down on tax havens and plough money into education, healthcare and jobs for young people.
In particular, Byanyima criticised U.S. President Donald Trump, who is attending the World Economic Forum, for creating “a cabinet of billionaires” and implementing tax legislation that she said rewarded the super-rich, not ordinary Americans.