Oxfam's 'Reward Work, Not Wealth' report: five salient points
On Monday, Oxfam South Africa released its annual global inequality report titled Reward Work, Not Wealth.
Here are its top five, most noteworthy points:
- In South Africa, the top 10% receives half of all wage income, while the bottom 50% of the workforce receives just 12% of all wages;
- By the end of 2017, the number of African billionaires had increased from eight in 2010 to 25. Their combined wealth has more than doubled over the same period;
- Last year saw the biggest increase in billionaires in history: one more every two days;
- South Africa is one of the world’s most unequal countries; and
- By the end of the four-day World Economic Forum meeting in Davos, billionaires’ fortunes could swell by an estimated $8 billion (R 96 billion). This is enough money to lift 66 million people globally out of poverty for the year.
Source: Oxfam report (Reward Work, Not Wealth)