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Wealth inequality is nothing new, but it’s reached staggering proportions in 2020. An Oxfam report released in January found that the world’s 2,153 billionaires have more wealth than that of 4.6 billion other people combined — meaning they are wealthier than 60% of the earth’s entire population combined.
Even more troubling is the fact that these billionaires’ wealth increased by nearly 30% during the first six months of the coronavirus pandemic, according to Business Insider. Meanwhile, millions of Americans are out of work and struggling to make ends meet
The 22 Richest Men Have More Wealth Than All the Women of an Entire Continent
The Oxfam report also estimated that the world’s 22 richest men have more wealth than all the women in Africa combined.
“Women and girls, who spend billions of hours cooking, cleaning, and caring for children and the elderly, are the backbone of our global economy yet benefit the least from it,” Paul O’Brien, vice president of policy and advocacy at Oxfam America, said in a release about the report. “It’s no accident that while most billionaires are men, women handle the care work and dominate the least secure and lowest-paid jobs. Women and girls are subsidizing our sexist economies, enabling rich, white, male billionaires to accumulate vast fortunes at the expense of the poorest.”
The Top 1% Is Wealthier Than You Can Imagine
According to Oxfam, the world’s richest 1% of the population have more than twice the wealth of 6.9 billion people. At the same time, around 735 million people are living in extreme poverty.
You Could Save $10,000 a Day and Never Be as Rich as the 5 Richest Billionaires
Saving $10,000 a day is unrealistic for most people, but even if you could, your wealth would never catch up to the wealth of the richest billionaires. According to Oxfam, if you began saving $10,000 a day since the building of the pyramids