1/28/2020

Global wealth inequality has been falling: Report

"Oxfam’s annual report “gives a misleading picture of wealth,” CEPOS states. “Global wealth [inequality] has actually reduced over the past 20 years.”

Part of the problem rests in Oxfam’s flawed measures, CEPOS holds. For instance, the 2019 Oxfam report stated that 26 people owned as much wealth as the bottom 50 percent of the world’s population.

However, “The wealth of the 26 richest [people] is 0.4 percent of total global wealth,” the CEPOS report states – and it’s falling.

“The richest 10 percent’s share of global wealth has been reduced from 88.5 percent in 2000 to 81.7 percent. in 2019,” said CEPOS chief consultant Jørgen Sloth. “Looking at other measures of global wealth inequality, such as the Gini [coefficient], and the share of the [global] wealth held by the top one percent and the top five percent, inequality in global wealth has also declined since 2000.”"