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.

ADVERTISEMENT

"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 BloombergSunday shows - Trump's Epstein conspiracy theory retweet grabs spotlight Bloomberg: Next generation of Democrats needs to 'earn their spurs' Bloomberg: McConnell may allow gun reform vote to boost reelection chances MORE, Facebook’s Mark Zuckerberg, and Amazon’s Jeff BezosJeffrey (Jeff) Preston BezosThe Hill's Campaign Report: Battle for Senate begins to take shape Making space exploration cool again Sanders campaign to launch own 'newsletter with scoops' MORE are also among the eight billionaires Oxfam cited.