62 billionaires have as much wealth as half the world’s population

Half the Wealth

The 62 richest billionaires in the world have as much money as the bottom half of the world’s population, according to a new report from Oxfam International.

The wealth gap is highlighted by the fact that in 2010 it took the 388 richest people to cover that same amount of worldwide wealth disparity.

Making matters worse, the top 1% own more than everyone else combined — a milestone reached in 2015, a year earlier than Oxfam had predicted.

The report was released ahead of the World Economic Forum in the Swiss city of Davos, a yearly gathering of political and financial leaders.

The study draws from the Forbes annual list of billionaires and Credit Suisse’s Global Wealth Databook.

The 62 richest billionaires in the world watch their net worth rise by more half a trillion dollars between 2010 and 2015, while the 3.6 billion people in the bottom half of the heap lost a trillion dollars.

Dow Closes Below 20k, A 3-Year Low

Each group has $1.76 trillion.

“Wealth is moving rapidly to concentrate at the tippy, tippy top of the pyramid,” said Gawain Kripke, the director of policy and research at Oxfam America.

The income gap between the richest and poorest is also growing. The poorest 20% of the world — who live below the extreme poverty line, live on less than $1.90 a day.

“The global economy is not working to pull these people out of extreme poverty,” said Deborah Hardoon, Oxfam’s deputy head of research.

Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.