A new report published by UK-based charity Oxfam, finds that the world’s wealthiest 62 people, own as much as the poorest half of the world’s population.<\/p>\n
This number has fallen dramatically from 388 as recently as 2010 and 80 in 2015.<\/p>\n
According to Oxfam, an economy for the 1% shows that the wealth of the poorest half of the world\u2019s population \u2013 that\u2019s 3.6 billion people \u2013 has fallen by a trillion dollars since 2010.<\/p>\n
Meanwhile the wealth of the richest 62 people has increased by more than half a trillion dollars to $1.76 trillion.<\/p>\n
Read: How rich are you really<\/a><\/strong><\/p>\n Oxfam found that almost a third (30%) of rich Africans\u2019 wealth \u2013 a total of $500 billion \u2013 is held offshore in tax havens.<\/p>\n It is estimated that this costs African countries $14 billion a year in lost tax revenues. This is enough money to pay for healthcare that could save the lives of 4 million children and employ enough teachers to get every African child into school, the charity group said.<\/p>\n “Despite nearly 20 years of solid growth in GDP, Africa\u2019s economies are creating too few jobs in sectors where output per worker is high enough to offer a path out of poverty,” Oxfam warned.<\/p>\n Oxfam South Africa said that in 1993, the wealthiest 10% of the country\u2019s population – 3.7 million people – shared a combined income of $36 billion, while the poorest 50% – 19 million people – shared a total income of $9 billion.<\/p>\n This meant that most whites in the country, earned four times more than most black people, according to a statement from Oxfam South Africa.<\/p>\n Read: What South Africa\u2019s richest 1% are worth<\/a><\/strong><\/p>\n The country’s population in 1993<\/a> was estimated at around 32 million of which five million were white, 4.5 million were coloured, and of Asian decent, and 23 million were black.<\/p>\n By 2011, the richest 10% of the South African population had an income of $69 billion, while the poorest 50% had an income of $11 billion, a statement by Oxfam said, as reported by Mail and Guardian.<\/p>\n According to Census 2011, the country’s population reached just short of 2 million ( 51.77-million).<\/p>\n Black Africans accounted for 41-million, making up 79.2% of the total population. The coloured population stood at 4.6 million (8.9%), while there are 4.6 million (8.9%) whites.<\/p>\n Oxfam noted that in 2011, five million mainly white people were earning six times more than 25 million mainly black South Africans.<\/p>\n It said that by 2014, the country’s two wealthiest men, Johan Rupert and Nicky Oppenheimer were found to own the same amount of wealth as the poorest 50% of the population.<\/p>\n Oxfam pointed out that this spoke “to asset and not income inequality”.<\/p>\n The 16 richest people in South Africa right now<\/a><\/strong><\/p>\n This is what the middle class in South Africa looks like<\/a><\/strong><\/p>\n 10 things you should know about South Africa\u2019s ultra-rich<\/a><\/strong><\/p>\nMore on wealth in South Africa<\/h3>\n
Richest 62 people hold same wealth as half the world: report<\/a><\/strong><\/h3>\n