Billionaires' fortunes hinder fight against poverty, says Oxfam

From Global development | The Guardian Sat Jan 19 2013, 07:01:47

Charity says $240bn amassed by 100 richest people last year would be enough to end extreme poverty four times over

The vast fortunes made by the world's richest 100 billionaires is driving up inequality and hindering the world's ability to tackle poverty, according to Oxfam.

The charity said the accumulation of wealth and income on an unprecedented scale, often at the expense of secure jobs and decent wages for the poorest, undermined the ability of people who survive on aid or low wages to improve their situation and escape poverty.

Oxfam said the world's poorest could be lifted out of poverty several times over should the richest 100 billionaires give away the money they made last year.

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