The 85 richest individuals in the world own as much as 3.5 billion of the poorest people, according to Oxfam. It's a staggering statistic, but it has friends.
The 2014 Global Wealth Databook by Credit Suisse reports the bottom 50% of the world's population own less than 1% of its wealth, the richest 10% hold 87%, and the top 1% alone possess 48.2%.
The International Monetary Fund and World Bank Group also stated in the Global Monitoring Report that while the number of people living in extreme poverty is decreasing, the gap between the haves and the have nots is increasing. Today, the world's richest 10% earn 9.5 times more than the poorest 10% of the world. Twenty-five years ago, they earned 7 times more than their less fortunate peers.
Taking a closer look at East Africa, Ben Taylor (mtega), an Open Development Consultant with Twaweza, finds that the richest 1% in East Africa own as much wealth as the poorest 91%. The six wealthiest individuals in the region own as much as 50% of the region’s population or 66 million people.