The 8 richest people in the world have the same wealth as 3.6 billion people

The latest report from Oxfam International shows that 8 billionaires hold half of the world's wealth and the equivalent of 3.6 billion of the poorest people.

Bill Gates, Warren Buffett, Carlos Slim, Jeff Bezos, Mark Zuckerberg, Amancio Ortega, Larry Ellison and Michael Bloomberg are worth a combined $426 billion. "This massive inequality is trapping millions in poverty, polarizing our societies and destroying our politics," said Paul O'Brien, deputy director of policy and campaigns at Oxfam America.

This is Oxfam's annual report on wealth inequality, published at the time of the World Economic Forum (WEF) held in Davos (Switzerland). WEF is a gathering place for politicians, financial leaders and the world's richest people.

Oxfam estimates that the world’s richest 1% own more wealth than the remaining 99%, a trend that has persisted since 2015. In the US, the top 1% also control 42% of the country’s wealth. The study drew on data from Forbes’ annual billionaires list and Credit Suisse’s Global Wealth Databook.

The combined assets of 8 billionaires are equal to half of the world's assets. Photo: CNN

Four years ago, the WEF identified rising economic inequality as a major threat to social stability. However, Oxfam says the problem is getting worse.

“Despite global leaders agreeing to reduce inequality, the gap between the rich and the rest of the world is widening,” the report said.

According to Oxfam, 7 in 10 people in the world live in countries where inequality has increased over the past 3 decades. Over the past 25 years, the richest 1% have earned more than the poorest 50% combined.

In addition to the wealth gap, Oxfam also highlighted gender differences. Of the 1,810 dollar billionaires in the world, 89% are men.

The report notes that Vietnam has done well in reducing poverty. However, rising inequality is threatening this progress. Oxfam interviewed women working in a garment factory in Vietnam. They are working 12 hours a day, 6 days a week and still struggling to make ends meet on a dollar an hour making clothes for many of the world’s biggest fashion brands.

Basic rights such as health care and education are also not guaranteed. A quarter of Vietnam’s population lacks health insurance. Even those who do have insurance are not guaranteed full coverage. In 2012, the need to scrape together enough money to pay for urgent medical needs pushed more than 580,000 Vietnamese families into poverty.

According to VNE