A new report from anti-poverty nonprofit Oxfam revealed that the world’s richest 26 people owned the same amount of wealth as the poorest 3.8 billion people.
The study also showed that the wealth of billionaires has increased by $900 billion in the last year, or $2.5 billion a day. On the flip side, the poorest 50% of the world saw an 11% decline in wealth.
The number of billionaires has increased by 50% since the 2008 financial crisis, corporations are paying lower taxes, and men also hold 50% more of the world’s wealth than women. The wealthiest 1% of the U.S. population also primarily benefitted from Trump’s 2017 tax bill, which was initially said to be a tax break for the middle class. A new study also published this week by Policy Studies, a left-leaning Washington, D.C., think tank, also revealed that the 400 richest Americans own more wealth than all black households and a quarter of Latino households.