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World's richest 1% have more than twice wealth of 6.9 billion people combined: Oxfam report Updated: 2020-01-21 16:05:30 KST

A new report is highlighting the widening degree of global inequality ahead of the World Economic Forum in Davos, which brings together some of the world's wealthiest and most influential people.
The anti-poverty NGO Oxfam International study released on Monday dubbed "Time to Care" shows the world's 2,153 billionaires have more wealth than 4.6 billion people, who comprise 60 percent of the world's population.
It also says the wealth of the world's billionaires is growing by 2.5 billion dollars every day, while the poorest half of the global population is getting poorer.
Forbes' list of billionaires used by Oxfam said most of the wealthiest people are in the U.S. and they include Amazon's Jeff Bezos, Microsoft's Bill Gates, Berkshire Hathaway's Warren Buffett and Facebook's Mark Zuckerberg.
The report also underscored gender inequality saying the 22 richest men have more money than all the women in Africa combined.
The report noted that the number of billionaires around the world has nearly doubled over the past decade since the global economic crisis partly due to government policies, such as the 2017 U.S. tax overhaul that cut taxes for rich people and corporations in America.
The report states governments around the world are not doing enough to resolve wealth inequality and it calls on policymakers to adopt inequality-busting policies.
Oxfam recommends nations to tax wealth at fairer levels saying that taxing an additional half-a-percent on the world's richest one percent over the next decade would generate enough funds to create 117 million jobs in education, health and elderly care and other sectors.
Eum Ji-young, Arirang News.
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