Global inequality is “out of control” because of biased economic systems that exclude many women while allowing billionaires to amass huge fortunes that do little for society, according to Oxfam International.
- The world’s 2,153 billionaires have more wealth than 4.6 billion people.
- The 22 richest men have more wealth than all the women in Africa. According to the UN, there are 326 million aged 20 and over.
- The world’s richest 1% have more than twice as much wealth as 6.9 billion people.
- The value of unpaid care work by women aged 15 and over is $10.8 trillion annually.
- The number of billionaires has doubled over the past decade.
The 63-page report argues that world leaders are not doing enough to address the widening gap between the poor and the rich. It focuses this year on policies that allow men to dominate the top ranks of business and government. Economic inequality, the report argues, is built on gender inequality.
“Women are supporting the market economy with cheap and free labor and they are also supporting the state by providing care that should be provided by the public sector,” the report states. “This unpaid work is fueling a sexist economic system that takes from the many and puts money in the pockets of the few.”