In 2017, Billionaires Made Enough Money To End Global Poverty 7X Over

U.S. Department of Defense photo by Senior Master Sgt. Adrian Cadiz / CC 2.0

The same report showing that 82 percent of last year's wealth gains went to the world's top 1 percent also claims that billionaires made enough money in 2017 to end extreme poverty seven times over.

Oxfam reports that the world's billionaires made a combined $462 billion last year.

Forty-two of the richest people in the world now hold as much wealth as 3.7 billion of the poorest people in the world, according to the report released Monday by the international charitable organization.

... "Our broken economies reward wealth not hard work," Oxfam International Executive Director Winnie Byanyima tweeted Monday. "Rich get richer, millions trapped in poverty wages or joblessness. Leaders must reverse this."

In the U.S., where Republicans recently dished out significant tax cuts for the wealthy and corporations, wealth inequality is no less visible:

According to the Oxfam report, the three wealthiest Americans claim as much wealth as the 160 million poorest people living in the United States. Amazon CEO Jeff Bezos made over $35 billion and usurped Microsoft CEO Bill Gates in 2017 to become the richest man in the world.


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