The richest 62 people in the world last year held the same amount of wealth as the 3.5 billion people who make up the bottom 50%, says a new report.
Wall Street Journal staffer Jeffrey Sparshott reports on findings that wealth is becoming more concentrated among an elite slice of the global population, according to a report released Monday by antipoverty advocacy group Oxfam International. Sparshott writes:
The top 1% of the world's population control more wealth than the rest of the world combined, the group said, citing data from Credit Suisse. Last year, the average wealth of each of the 72 million adults belonging to the richest 1% was $1.7 million, compared with about $5,000 for the 648 million people in the bottom 90%.