Billionaires Earned Enough Money in 2017 To End Extreme Poverty Seven Times Over

According to the report by Oxfam, the intense poverty all over the globe can be stopped seven times over by the wealthiest billionaires in the world who were earning a lot of money last year.

In 2017, billionaires all over the world earned $462 billion in total, and that money can cease the poverty problem all over the world. Almost every two days, a new billionaire name is added to the list of billionaires and their wealth.

The international charitable organization reported that the world’s forty-two wealthiest billionaires have wealth that equals the money that around 3.7 billion poor people have in combination.

It was reported that around 82 percent of accumulated wealth are bound only for the top 1 percent of the world’s total population.

Winnie Byanyima, the International Executive Director from Oxfam tweeted that in this economy, wealth is being rewarded and the hard work from poor to average people are not being recognized. The already rich people get richer while millions of other people are cornered with relentless poverty, low wages, and no job at all. Executive Director Byanyima urged the world leaders to change this concept and do something about this wealth inequality issue.

There was a World Economic Forum on January 23 to January 26, 2018, and that statistics report was given days prior to the yearly event. The world’s top leaders of politics and business came together for this event, like the Indian Prime Minister Narendra Modi, the U.K. Prime Minister Theresa May and the United States of America President Donald Trump. In the year 2017, a statistics report just like that was also released before the gathering of the Davos, Switzerland by Oxfam.