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Eight men now control as much wealth as the world's poorest 3.6
billion people, according to a new report from Oxfam International.
The men, Bill Gates, Warren Buffett, Carlos Slim, Jeff Bezos, Mark
Zuckerberg, Amancio Ortega, Larry Ellison and
Michael Bloomberg, are collectively worth $426 billion, the anti-
poverty group said on Sunday.
"Such dramatic inequality is trapping millions in poverty, fracturing
our societies, and poisoning our politics," said Paul O'Brien, Oxfam
America's Vice President for Policy and Campaigns.
The release of the group's annual inequality report coincides with
the World Economic Forum in Davos. The annual meeting in the Swiss
mountain resort brings together political and financial leaders and
some of the wealthiest people in the world.
The Oxfam report said that the richest 1% has owned more wealth
than the rest of the planet since 2015. In the U.S., the richest 1%
control 42% of the wealth.
The study draws from Forbes' annual list of billionaires and Credit
Suisse's Global Wealth Databook.
It has been four years since the WEF identified rising economic
inequality as a major threat to social stability. But Oxfam said the
problem is just getting worse.