Eight billionaires as rich as half world population: Oxfam

Eight billionaires as rich as half world population: Oxfam
© Victoria Sarno Jordan

The wealth of eight billionaires equals that of 3.6 billion people, according to a new study released by Oxfam.

The organization, which focuses on poverty relief, released the study ahead of the World Economic Forum in Davos, Switzerland, which takes place this week.

"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," Oxfam International’s executive director, Winnie Byanyima, said.

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"Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy," Byanyima added.

The analysis is based off of the Forbes 2016 list of billionaires, which says Bill Gates, the co-founder of Microsoft, is the wealthiest person in the world.

Former New York Mayor Michael BloombergMichael Rubens BloombergThe Hill's Morning Report — Trump pushes Mexico for 'significantly more' as tariffs loom The Hill's Morning Report — Trump pushes Mexico for 'significantly more' as tariffs loom Bloomberg pledges 0 million to close coal-fired power plants MORE, Facebook’s Mark Zuckerberg, and Amazon’s Jeff BezosJeffrey (Jeff) Preston BezosBiden criticizes Amazon for paying Jeff Bezos in corporate taxes Biden criticizes Amazon for paying Jeff Bezos in corporate taxes Hillicon Valley: YouTube under fire | FCC gets tough on robocalls | Maine governor signs strict privacy bill | Amazon says delivery drones coming in 'months' MORE are also among the eight billionaires Oxfam cited.