85 richest people own as much as bottom half of population, report says

Obscene wealth:

The 85 richest people on Earth have the same amount of wealth as the bottom half of the population, according to a new report that highlights growing income inequality.

“Those wealthy individuals are a small part of the richest 1% of the population, which combined owns about 46% of global wealth,” according to the report from British humanitarian group Oxfam International.

The report, titled “Working for the Few,” was released Jan. 20, and was compiled by Oxfam – an international organization working on solutions to global poverty and injustice.

It’s a chilling reminder of the depths of wealth inequality. The report notes that the trend of an increasing share of wealth flowing to the hands of the wealthiest one percent is more pronounced in the United States than on any other nation.

Oxfam also shows how extreme inequality is not inevitable, citing policies from around the world which have reduced inequality and developed more representative politics, benefiting all, both rich and poor.

Read more at latimes.com.

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