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Monday, January 20, 2014

Report: World’s Richest 85 Hold Same Wealth As Poorest 3.5 Billion

A slum community in Lucknow, India. (Tom Pietrasik/Oxfam)

A slum community in Lucknow, India. (Tom Pietrasik/Oxfam)

Income inequality has been in national headlines for weeks, but a new report out today from the Britain-based international charity Oxfam says it’s a major issue worldwide.

The report found “The bottom half of the world’s population owns the same as the richest 85 people in the world,” and concludes “This massive concentration of economic resources in the hands of fewer people presents a significant threat to inclusive political and economic systems.”

Roben Farzad of Bloomberg Businessweek joins Here & Now’s Meghna Chakrabarti to discuss the new report.

Correction: In our interview, it was stated that the Oxfam report found that the world’s richest 85 people own $110 trillion. That’s not correct. The wealth of the one percent richest people in the world amounts to $110 trillion. We regret the error.

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