Oxfam highlights sharp inequality as Davos elite gathers

AP News
Posted: Jan 21, 2018 7:02 PM

DAVOS, Switzerland (AP) — Campaigning group Oxfam is highlighting the scale of inequality in the global economy on the eve of the annual gathering of the political and business elite in the Swiss ski resort of Davos.

Ahead of the World Economic Forum, Oxfam said Monday its research shows 82 percent of the wealth generated last year went to the richest 1 percent of the global population while the poorest half of the world's population — 3.7 billion people — saw no increase in their wealth. The number of billionaires, it said, rose at an astonishing rate of one every two days in the year to March 2017.

Winnie Byanyima, Oxfam International's executive director, said the "billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system."