Wealth inequality ‘out of control,’ Oxfam warns

DAVOS, Switzerland – Wealth inequality around the world is “out of control” and doing particular harm to women, anti-poverty campaigner Oxfam warned Monday ahead of the annual gathering of business and political leaders in the Swiss ski resort of Davos.

Oxfam, which has for years been trying to bring attention to the issue ahead of the World Economic Forum, said in a report that billionaire fortunes increased by 12 per cent last year — the equivalent of $2.5 billion a day — while the 3.8 billion people who make up the world’s poorest half saw their wealth decline by 11 per cent.

Winnie Byanyima, Oxfam International’s executive director, told The Associated Press that, “This is not inevitable, this is unacceptable.”