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 BloombergBiden struggles to reverse fall Democrats' debate divisions open the race to new (or old) faces Judge Judy: Bloomberg as president could help US heal MORE, Facebook’s Mark Zuckerberg, and Amazon’s Jeff BezosJeffrey (Jeff) Preston BezosAmazon dumps million into Seattle elections Washington Post publisher: 'Corrosive' to liken unfavorable news to 'fake news' Trump joins Twitch platform MORE are also among the eight billionaires Oxfam cited.