International nonprofit organization Oxfam has issued a report announcing that the richest 80 people in the world control more wealth than the poorest 3.5 billion people.
This enormous income disparity has been widening over the years. By 2016, it is estimated that the richest 1% of the global population will own 50% of the world's wealth.
Oxfam reports that the richest 1% protect and enhance their wealth by spending millions of dollars on lobbying, especially in the United States. The wealthy lobby for tax and budget protections, especially in the industries where their wealth is concentrated - the financial sector, the pharmaceutical industry and healthcare companies.
Meanwhile, the poorest 3.5 billion people live on less than $1.25 a day.
To calculate wealth, Oxfam used the Forbes's list of the world's richest billionaires and the Credit Suisse Global Wealth Databook as a starting point. They then researched the estimated values of each billionaire's ownership in various companies and properties.
Oxfam is a nonprofit that has been working to combat poverty since 1942. You can read the report and review the calculations at:
You can find the Forbes list of the richest people in the world at:
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