The top 1% of wealthiest people worldwide took the vast majority of the wealth created last year, according to a new study.
Those with the most money globally grabbed 82% of the growth, according to the “Reward Work, Not Wealth” report from charity group Oxfam.
The threshold for reaching the global 1% is about $ 770,000 in household assets, according to a report from Credit Suisse last year.
Roughly $ 762 billion was made by the ranks of the world’s dollar billionaires, which the Oxfam study said has increased to more than 2,000 in 2017.
Oxfam also lambasted the finding that the less wealthy half of the world’s population, 3.7 billion people largely located outside of the U.S. and Europe, received no material increase in 2017.
“There’s a billionaire boom but most people are treading water in a stagnant global economy,” said Paul O’Brien, Oxfam America’s Vice President for Policy and Campaigns, saying that the bargaining power of the poor is being eroded.
The International Monetary Fund said in October that growth for 2017 should hit 3.6%, and attributed an increase in the figure to positive signs from developed countries in Europe and Japan, while gains in developing countries were led by China — which suffers from deep inequality.
Protesters demonstrate against the World Economic Forum, which President Trump will visit next week.
U.S. growth is projected at 2.1%.
The fund is expected to release its updated outlook next week in Davos, Switzerland, where a host of politicians and business leaders dubbed elite enough to attend will schmooze and attend talks on development as part of the World Economic Forum.
Oxfam’s report was timed to coincide with the reconnoitering in the Alps, and O’Brien said that those gathered “are part of the problem, but they can part of the solution.”
His group’s report also explicitly mentioned the Republican tax cut. The measure signed by Trump in December will lower taxes for corporations and many individuals, though the largest gains seen by the wealthiest Americans.
The Oxfam report also said that inequality in the world was particularly harmful to the world’s women, who make up a small fraction of the global billionaires and make up large parts of low wage jobs in the garment industry.