Out of over 7 billion people living on the planet, 3.6 billion people live in poverty. That’s over half of the world’s population struggling to pay their bills, take care of their children, and feed themselves on a regular basis.
Unfortunately for the world’s poor, it doesn’t get any easier. Poverty is incredible difficult to escape from, as all money earned and saved is eventually spent just to keep one’s head above water. Budgeting for a better life simply is next to impossible, regardless of humanitarian or government aid.
But what of the world’s richest people? As you’ve probably heard many times, 1% of the world’s population holds more wealth than the other 99%. Yet at the top of that 1% are some of the wealthiest billionaires to ever walk the face of the planet, each valued at over $30 billion and making millions more by the day.
Recently, Oxfam International put out a study of these elite individuals and found something alarming: the total wealth of the eight richest people on Earth is equivalent to the total wealth of the 3.6 billion poorest people. How can this be? CNBC has the scoop.
As of last year, these eight billionaires were worth $426.2 billion combined. They are likely worth a considerable amount more since the study was concluded. While several of them are contributing the bulk of their wealth to charitable causes upon their death, they’re still prime examples of the inequality of wealth between the richest of the rich and the poorest of the poor. After all, how is it fair that eight people have more money than 3.6 billion?