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Only 62 people own as much wealth as the poorer half of the global population

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Only 62 people own as much wealth as the poorer half of the global population. It revealed in Oxfam report.

Image via indiatvnews.com
Image via indiatvnews.com

According to the report the wealth is becoming further concentrated, with the number of people owning the same amount as the bottom half of humanity falling from 388 to 62 in five years. The report says a broken economic model underpinned by deregulation, privatisation and financial secrecy has seen the wealth of the richest 62 people jump by 44 per cent in five years to $1.76 trillion.

Representational image via utmagazine.ru
Representational image via utmagazine.ru

Oxfam acknowledged that efforts to tackle inequality had seen the halving of the number of people living below the extreme poverty line between 1990 and 2010.