The latest Oxfam report on the state of our global society landed with a thud before the masters in Davos. It says that 1 percent of the world population controls a wealth equal to that of the remaining 99 percent.
This is the headline the media are carrying, but there’s even more in the report. It says, for instance, that between March 2016 and March 2017, that tiny group of the hyper-privileged (no more than a few thousand “alpha males,” since less than one in 10 are women) has acquired 86 percent of the new wealth produced, while 3.7 billion men, women and children who make up 50 percent of earth’s inhabitants did not receive even a penny from it (a fact that flies in the face of the infamous “trickle down theory”).
The report also says that last year saw the largest increase yet in the number of billionaires (roughly one more added every other day), and their wealth increased in absolute terms, to $762 billion—a figure that, if it was redistributed, would be enough to end extreme poverty worldwide, not once but seven times over.