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Report: 85 Richest People Own as Much Wealth as 3.5 Billion Poorest
COLUMBUS (Ken Hines) -- The world's 85 richest people own as much wealth as the 3.5 billion individuals that make up the poorest half of the global population, according to a report from anti-poverty advocacy group Oxfam.
The authors of the report found that half the world's wealth -- approximately $110 trillion -- now resides with just one percent of the population, contributing to rising income inequality in most nations.
The report also found that 95 percent of economic gains in the U.S. since 2009 has been claimed by the top one percent of American earners, while the bottom 90 percent of the country's population became poorer over that time period.
In their report, Oxfam members call on the richest attendees of this week's World Economic Forum in Davos, Switzerland to pay their taxes, pay living wages to employees, and stop using their wealth to influence public policy, among other recommendations.