We are the 99 percent!
These words made famous by Occupy Wall Street helped bring new attention to the problem of systemic inequality. The chant isn’t just some hyperbole made up by hippies however: it’s backed by actual economic truth — you know, facts as opposed to alternative facts.
According to Credit Suisse in their 2015 Global Wealth Report, “the lower half of the global population collectively own less than 1% of global wealth, while the richest 10% of adults own 88% of all wealth and the top 1% account for half of all assets in the world.” HALF OF ALL ASSETS on planet earth. ——- And now, this latest report from Oxfam reveals that an already grim picture is actually even more dire. According to their research, the world’s 8 richest men collectively possess more wealth than the poorest 50 percent of the world. That’s right, 8 multi-billionaires have as much money as about 3 billion, 370 million of the world’s poor.
Welcome to this week’s Fucked Fact.