62 Billionaires Now Have as Much Wealth as Half the World

Better Investing

What's Hot

How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

The wealth of the top 62 billionaires in 2015 was equal to the wealth of the poorer half of the entire world population -- 3.6 billion people. Find out what is fueling the trend.

The rich have become so much richer that the wealth of the top 62 billionaires in 2015 was equal to the wealth of poorer half of the world population — 3.6 billion people.

By contrast, in 2010, it took 388 billionaires to equal the wealth of the poorer half of the world, according to a new report from Oxfam International, a network of 17 organizations in more than 90 countries that is dedicated to ending poverty. The numbers for the past several years show a clear trend in wealth inequality:

  • 2010: 388 individuals
  • 2011: 177
  • 2012: 159
  • 2013: 92
  • 2014: 80
  • 2015: 62

The report, titled “An Economy for the 1 Percent,” also found:

  • From 2010 through 2015, the wealth of the richest 62 people increased by 44 percent, or more than a half-trillion dollars to $1.76 trillion.
  • During the same five-year span, the wealth of the poorer half of the world population shrank by 41 percent, a loss of just over $1 trillion.
  • Since the turn of the century, the poorer half of the world’s population has received only 1 percent of the total increase in global wealth. The top 1 percent, on the other hand, received half of that increase.

Oxfam cites tax havens as a major factor in the growing wealth gap between the richest and poorest.

The organization reports that an estimated $7.6 trillion of individuals’ wealth sits in offshore tax havens. If taxes were paid on the income that wealth generates, the report said, an extra $190 billion would be available to governments annually.

Oxfam explains on its website:

As a priority, it is calling for an end to the era of tax havens which has seen the increasing use of offshore centers by rich individuals and companies to avoid paying their fair share to society. This has denied governments valuable resources needed to tackle poverty and inequality.

What’s your take on this news? Sound off in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: This Company Is Giving Away Free Tax Software

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,766 more deals!