Net Worth Of World's 26 Richest People Equal To Wealth Of 3.8Bln Poorest People - Study

MOSCOW (Pakistan Point News / Sputnik - 21st January, 2019) Wealth of the world's 26 richest people is equal to wealth of as many as 3.8 billion poorest people, or half of the Earth population, a study conducted by international charity and humanitarian organization Oxfam revealed on Monday.

"Wealth is becoming even more concentrated - last year 26 people owned the same as the 3.8 billion people who make up the poorest half of humanity, down from 43 people the year before," the study, which was prepared before the World Economic Forum (WEF) in Davos, says.

The number of billionaires has almost doubled over the past ten years, reaching 2,208 people in 2018, Oxfam said.

Their fortunes increased by $900 billion over the past year alone, or $2.5 billion daily, to a new all-time high, it added.

In the period from 2017 to 2018, one new billionaire appeared in the world every two days, the study says.

In some countries, the poorest 10 percent of people are now paying a higher proportion of their incomes in tax than the richest 10 percent, Oxfam said, citing Brazil and the United Kingdom as the examples.

Oxfam was founded in 1942 as Oxford Committee for Famine Relief to help starving people. Currently, it is an international association of 17 organizations operating in more than 90 countries of the world. The organization's goal is to address the problems of poverty and the injustice associated with it worldwide.

The World Economic Forum's annual meeting in Davos will start on Tuesday and will last through Friday.