The 1% grabbed 82% of all wealth created in 2017

More than $8 of every $10 of wealth created last year went to the richest 1%.That's according to a new report ...

Posted: Jan 22, 2018 12:32 PM
Updated: Jan 22, 2018 12:32 PM

More than $8 of every $10 of wealth created last year went to the richest 1%.

That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth.

Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International.

The head of the advocacy group argued that the people who "make our clothes, assemble our phones and grow our food" are being exploited in order to enrich corporations and the super wealthy.

The study, released ahead of the World Economic Forum in Davos, was produced using data from Credit Suisse's Global Wealth Databook.

Related: 5 ways the world is pulling apart

The report also highlights the detrimental effects of gender inequality with data that show more men own land, shares and other capital assets than women.

Rising inequality has been a major topic at Davos for years.

Oxfam said Monday that it is time for the global elite to stop talking about inequality and start changing their ways.

"It's hard to find a political or business leader who doesn't say they are worried about inequality. It's even harder to find one who is doing something about it," said Byanyima.

"Many are actively making things worse by slashing taxes and scrapping labor rights," she added.

Related: Thought 2017 was bad? 2018 could be much worse

Oxfam said that governments should focus on policies that would lead to fairer distribution of wealth and stronger workers' rights.

These could include introducing a living wage, supporting labor unions and tackling gender discrimination.

Governments also need to tackle tax avoidance and put limits on shareholder returns and executive pay, Oxfam said. The group argues companies should not issue dividends to shareholders unless they pay their workers a living wage.

Oxfam also said that tax policies should be used to reduce extreme wealth.

New York Coronavirus Cases

County data is updated nightly.

Confirmed Cases: 449900

Reported Deaths: 33087
CountyConfirmedDeaths
Queens716827243
Kings671367318
Bronx525784941
Nassau462182201
Suffolk460612011
Westchester378011454
New York330703174
Richmond157301085
Rockland14823675
Orange11812498
Erie10999689
Monroe5894289
Dutchess5059153
Onondaga4220205
Albany3016134
Oneida2375123
Ulster224295
Niagara1724101
Putnam157463
Sullivan157148
Broome146569
Schenectady138048
Saratoga99817
Rensselaer89942
Columbia58137
Chautauqua5379
Madison48717
Ontario46135
Oswego4473
Tompkins3970
Warren36033
Steuben35042
Fulton33224
Otsego3325
Chemung3303
Orleans32354
Herkimer32110
Greene31918
St. Lawrence3184
Genesee3145
Wayne3105
Washington28714
Cattaraugus2546
Chenango2487
Montgomery2274
Tioga22425
Livingston2018
Cayuga1992
Jefferson1630
Essex1600
Cortland1590
Clinton1545
Wyoming1325
Delaware1304
Seneca1053
Allegany981
Schoharie830
Franklin650
Yates627
Lewis500
Schuyler380
Hamilton150
Unassigned016
Utica
Clear
64° wxIcon
Hi: 64° Lo: 36°
Feels Like: 64°
Oneonta
Clear
63° wxIcon
Hi: 62° Lo: 34°
Feels Like: 63°
Herkimer
Clear
64° wxIcon
Hi: 64° Lo: 36°
Feels Like: 64°
Thendara
Clear
64° wxIcon
Hi: 60° Lo: 34°
Feels Like: 64°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Click here to learn more about A Healthier Mohawk Valley
Saluting Those Who Are Proud 2 Serve
WKTV Golf Card - Under 150 left