Global wealth inequality is worsening, with wealth concentrated in the hands of just 62 billionaires worldwide! According to a survey by Oxfam International, the combined wealth of the world’s 62 richest people equals the wealth of half the world’s population. Even more outrageous is that many African millionaires hide their assets overseas to avoid taxation. If this money were used for legitimate purposes, it could save millions of African schoolchildren from dire circumstances.
Global wealth is becoming increasingly concentrated in the hands of a few. The survey indicates that in $2010$, the world’s $388$ richest people held wealth equal to the total wealth of half the global population. By $2015$, the wealth of the $62$ richest billionaires could offset the wealth of half the global population.
Half of these super-rich individuals come from the United States, $17$ are from Europe, and the others are distributed across countries such as China, Brazil, Japan, Mexico, and Saudi Arabia. Since $2010$, their wealth has increased by $44%$. Conversely, the wealth of the $3.5$ billion people who make up the poorer half of the global population has decreased by $41%$.
Furthermore, the total wealth of the world’s richest $1%$ is greater than the combined wealth of the other $99%$ of the population. From $1988$ to $2011$, the world’s poorest $20%$ of the population lived below the poverty line, spending less than $1.9$ US dollars per day, yet the wealth of the world’s richest $10%$ increased by $46%$.
The survey also points out that African millionaires hide about $30%$ of their wealth overseas, causing an annual tax loss of up to $14$ billion US dollars. If this wealth were used for legitimate purposes, it could save the lives of $4$ million poor children in one year and hire enough teachers so that every African child could attend school.