Skip to content
CityLab
Economy

A Sharp Rise in Wealth for the Global 1%

Tax havens are largely to blame, according to a new study by Oxfam.
Celebrities and guests attend a fashion show party at the Ming Dynasty City Wall Relics Park in Beijing in June 2013.
Celebrities and guests attend a fashion show party at the Ming Dynasty City Wall Relics Park in Beijing in June 2013.REUTERS/Kim Kyung-Hoon

In 2010, the collective wealth of the top 80 individuals on the Forbes list of billionaires totaled $1.3 trillion. In 2014, it jumped to $1.9 trillion.

According to a new annual report by the anti-poverty organization Oxfam, that half-trillion-dollar bump has landed those billionaires with a troubling designation: Their combined wealth is equal to the combined wealth of the poorest half of the world.