Top 1 percent control over half of world’s wealth
The wealthiest are getting wealthier, and lobbying has a lot to do with it
Growing wealth inequality certainly isn’t a new phenomenon, and almost a year after the Thomas Piketty sensation, chatter about its causes and consequences hasn’t dulled. The Oxfam report zeroes in on the political influence affordable to the ultrarich: lobbying, specifically in the financial and pharmaceutical and health care industries.
It used to be that the total wealth of the world’s billionaires and of the bottom half of the globe increased at roughly the same rate. That changed in 2010. Total wealth for the poorest 50 percent has actually decreased from what it was in 2009, while wealth at the top has doubled (in nominal terms). Just 80 billionaires now control the same wealth as 3.5 billion people.
Article By Simone Pathe January 19, 2015