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The World’s Richest 1% Took 82% Of All Wealth Created In 2017

Philip Taylor/Flickr
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"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system."

According to the latest report from Oxfam International, the bottom 50 percent of the world saw no increase in wealth, while the top 1 percent received more than 82 percent of the wealth created last year.

"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.

The report said governments need to focus more on policies geared toward strengthening workers' rights and lessening inequality - an issue that many talk about but fail to meaningfully address.

"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.