8 men as rich as half the world: Oxfam report

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8 men as rich as half the world: Oxfam report

Bill Gates, Mark Zuckerberg, Warren Buffett among the ultra-rich

By AP

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Published: Mon 16 Jan 2017, 9:30 AM

Last updated: Mon 16 Jan 2017, 6:24 PM

The gap between the super-rich and the poorest half of the global population is starker than previously thought, with just eight men, from Bill Gates to Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released today.
The same report a year earlier said that the richest 62 people on the planet owned as much wealth as the bottom half of the population. However, Oxfam has revised that figure down to eight following new information gathered by Swiss bank Credit Suisse.
Oxfam used Forbes' billionaires list that was last published in March 2016 to make its headline claim. According to the Forbes list, Microsoft founder Gates is the richest individual with a net worth of $75 billion. The others, in order of ranking, are Amancio Ortega, the Spanish founder of fashion house Inditex, financier Warren Buffett, Mexican business magnate Carlos Slim Helu, Amazon boss Jeff Bezos, Facebook creator Mark Zuckerberg, Oracle's Larry Ellison and Michael Bloomberg, the former mayor of New York.
A look at the 8 richest men around the world:
1.Bill Gates

(Photo credit: Reuters)
Company: Microsoft
Net worth: $75 Billion
Citizenship: United States
2. Amancio Ortega

(Photo credit: Reuters)
Company: Inditex
Net worth: $67 Billion
Citizenship: Spain

3. Warren Buffett

(Photo credit: Reuters)

Company: Business Magnate and Investor
Net worth: $60.8 Billion
Citizenship: United States
4.Carlos Slim Helu

(Photo credit: Reuters)
Company: Business Magnate and Investor
Net worth: $50 Billion
Citizenship: Mexico
5. Jeff Bezos

(Photo credit: Reuters)

Company: Amazon.com
Net worth: $45.3 Billion
Citizenship: United States
6. Mark Zuckerberg

(Photo credit: Reuters)
Company: Facebook
Net worth: $44.6 Billion
Citizenship:United States
7. Larry Ellison

(Photo credit: Reuters)

Company: Oracle
Net worth: $ 43.6 Billion
Citizenship: United States
8. Michael Bloomberg

(Photo credit: Reuters)
Company: Bloomberg LP
Net worth: $40 Billion
Citizenship: United States
Presenting its findings on the dawn of the annual gathering of the global political and business elites in the Swiss ski resort of Davos, anti-poverty organization Oxfam says the gap between the very rich and poor is far greater than just a year ago. It's urging leaders to do more than pay lip-service to the problem.
If not, it warns, public anger against this kind of inequality will continue to grow and lead to more seismic political changes akin to last year's election of Donald Trump as U.S. president and Britain's vote to leave the European Union.
"It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day," said Winnie Byanyima, executive director of Oxfam International, who will be attending the meeting in Davos. "Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy."
The measure suggested by Oxfam to reduce the inequality include:
1. Higher taxes on wealth and income to ensure a more level playing field and to fund investments in public services and jobs
2. Greater cooperation among governments on ensuring workers are paid decently and the rich don't dodge their taxes.
3. Business leaders should commit to paying their fair share of taxes and a living wage to employees.
Max Lawson, Oxfam's policy adviser, urged billionaires to "do the right thing," and to do "what Bill Gates has called on them to do, which is pay their taxes."
The ability of the rich to avoid paying their fair share of taxes was vividly exposed last year in the so-called "Panama Papers," a leaked trove of data that revealed details on offshore accounts that helped individuals shelter their wealth.
"We have a situation where billionaires are paying less tax often than their cleaner or their secretary," Lawson told The Associated Press. "That's crazy."


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