"Global inequality out of control": billionaires richer than 60% of world's population

"Global inequality out of control": billionaires richer than 60% of world's population

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, which is 60% of the global population, according to a study published, international charity Oxfam.

The numbers show that 2,153 billionaires now have more wealth than the 4.6 billion poorest people on the planet. According to the report, "global inequality is shockingly entrenched and vast" and the number of billionaires has doubled in the last decade.

Oxfam's figures are based on data from Forbes magazine and Swiss bank Credit Suisse, but they are disputed by some economists.

The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference.

The chairman of the Board of the National Currency Association (NCA), Dmitry Piskulov, speaking to Vestnik Kavkaza, listed the problems caused by the global inequality. "First, social tension is growing, especially among the people living near the subsistence minimum or below the subsistence minimum. Second, economic growth slows down: if the number of people who earn little and save little grows, total consumption declines," he said.

"Look how financial stratification can affect the entire economic chain: low consumption is not just a shortage of production capacity, but also low payments on public debt, low lending, as the banking system cannot provide loans. The problem of inequality affects the whole economy. In this regard, the Oxfam study is important as a signal to the economic and political elite that the problem is only getting bigger, negatively affecting the global economy," Dmitry Piskulov stressed.

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