World's richest 1 pct took 82 pct of wealth created in 2017

Updated 2018-01-23 09:54:01 Xinhua

Eighty two percent of the global wealth generated last year went to the richest one percent, according to a recent report released by Oxfam, an international charity organization confederation aiming at reducing global poverty.

The poorest half the world's population had no increase in their wealth, the report said, noting that eight men now own the same amount of global wealth as the poorest half.

According to The World's Billionaires list (2017) from Forbes, 14 out of the 20 richest men or women in the world are from the United States, with Bill Gates, Warren Buffet and Jeff Bezos ranking at the top.

Billionaire wealth has risen by an average of 13 percent annually since 2010, while the wages of ordinary workers,have risen by an average of only 2 percent year on year, the report said.

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

"The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors," Byanyima said.

The glaring gap resulted from factors including the "excessive" influence of big business over government policy-making, and the "relentless" corporate drive to minimize costs in order to maximize the income of shareholders, the report noted.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 17 2018 21:02:54

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 17 2018 21:02:54

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 17 2018 21:02:54

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords