A shantytown in São Paulo, Brazil, borders the much more affluent Morumbi district. Tuca Vieira / Oxfam
Globalism

The Billionaire Boom: 82% of Global Wealth Produced Last Year Went to Richest 1%

A new report from Oxfam reveals how the global economy empowers the richest 1% while hundreds of millions of people struggle to survive. “The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” said Winnie Byanyima, the Executive Director of Oxfam. “The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors.”