More than $8 of every $10 of wealth created last year went to the richest 1%.
That’s according to a new report from Oxfam International, which estimates that the bottom 50% of the world’s population saw no increase in wealth.
Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work.
“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” said Winnie Byanyima, executive director of Oxfam International.
The head of the advocacy group argued that the people who “make our clothes, assemble our phones and grow our food” are being exploited in order to enrich corporations and the super wealthy.
Oxfam said Monday that it is time for the global elite to stop talking about inequality and start changing their ways.
“It’s hard to find a political or business leader who doesn’t say they are worried about inequality. It’s even harder to find one who is doing something about it,” said Byanyima.
“Many are actively making things worse by slashing taxes and scrapping labor rights,” she added.