World’s super-rich continue to profit

Photo: File.

A new report from Oxfam has revealed that the world's super-rich bagged 82 per cent of wealth created last year, while the poorest half of the planet got nothing.

Some 82 per cent of the wealth generated last year went to the richest one per cent of the global population, while the 3.7 billion people who make up the poorest half got nothing, according to the report released yesterday.

The data was made available as political and business elites gathered for the World Economic Forum in Davos, Switzerland.

Oxfam New Zealand reported that the richest one per cent of Kiwis bagged 28 per cent of all wealth created last year, while the poorest 30 per cent of the population got one per cent.

‘Reward Work, Not Wealth’ reveals how the global economy enables the super-rich to accumulate vast wealth at the expense of hundreds of millions of people who are struggling to survive on poverty pay. 

Rachael Le Mesurier, executive director of Oxfam New Zealand, said: “The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system.

"The people who make our clothes, assemble our phones, and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of multi-national corporations and billionaire investors."

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