Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

By Tara John
January 22, 2018

The richest 1% of the global population received 82% of wealth created in 2017, while nothing went to the poorest half (3.7 billion) of humanity, according to a new study by the global charity Oxfam.

The report was published on Monday to coincide with the Jan. 23 start of the World Economic Forum’s annual meeting in the snow-covered town of Davos, Switzerland. “(The report) reveals how our economies are rewarding wealth rather than the hard work of millions of people,” Winnie Byanyima, Oxfam’s executive director, told Reuters. “The few at the top get richer and richer and the millions at the bottom are trapped in poverty wages.”

The report also found that the three richest people in the U.S. own the same amount as the bottom half of America’s population. And while billionaire wealth rose by 13% a year from 2006-2015, ordinary workers saw their incomes rise by an average of 2% a year.

The number of people living in extreme poverty has halved between 1990 and 2010, but according to the charity, “had inequality within countries not grown during that period, an extra 200 million people would have escaped poverty.”

Oxfam says its figures, which have been criticized by some commentators for being ideologically motivated, show that economic rewards were “increasingly” concentrated at the top of society. It blamed the erosion of worker’s rights, tax evasion and cost-cutting for the widening inequality gap.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

EDIT POST