Michael Parenti: 85 Billionaires and the Better Half

The Red Phoenix

An urban slum in Hanoi, Viet Nam. (Photo: Flickr / United Nations / Creative Commons) An urban slum in Hanoi, Viet Nam. (Photo: Flickr / United Nations / Creative Commons)

The world’s 85 richest individuals possess as much wealth as the 3.5 billion souls who compose the poorer half of the world’s population, or so it was announced in a report by Oxfam International. The assertion sounds implausible to me.  I think the 85 richest individuals, who together are worth many hundreds of billions of dollars, must have far more wealth than the poorest half of our global population.

How could these two cohorts, the 85 richest and 3.5 billion poorest, have the same amount of wealth? The great majority of the 3.5 billion have no net wealth at all. Hundreds of millions of them have jobs that hardly pay enough to feed their families. Millions of them rely on supplements from private charity and public assistance when they can. Hundreds of millions are undernourished…

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