Global inequality '˜worse than ever' new figures reveal

Growing inequality means a group of men that could easily fit into one golf buggy own the same wealth as half the world, campaigners have warned world leaders gathering for talks in Switzerland.

Warren Buffett (L) and Bill Gates attend the Forbes' 2015 Philanthropy Summit Awards Dinner. Picture; getty

The eight billionaires have riches equivalent to the wealth of the world’s 3.6 billion poorest people, according to research by Oxfam.

It said the gap between rich and poor was far greater than had been feared and called for an overhaul of a “warped” economy that allowed a small group to have more wealth than they could ever spend while one in nine people went hungry.

Theresa May and Philip Hammond will attend the World Economic Forum of global political and business leaders in Davos this week.

The annual event, held in a luxury Swiss ski resort, is often criticised for being little more than a talking shop for the rich and powerful.

Oxfam is calling on international leaders to improve international cooperation to stop tax dodging, action to encourage companies to act for the benefit of staff as well as shareholders, wealth taxes to fund healthcare, education and job creation, and improvements in opportunities for women.

It also urged business chiefs to commit to paying a living wage and their fair share of tax.

Mark Goldring, Oxfam GB chief executive, said: “It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity.

“While one in nine people on the planet will go to bed hungry tonight a small handful of billionaires have so much wealth they would need several lifetimes to spend it.

“The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become.”

Oxfam said out-of-control pay ratios meant the average pay of FTSE100 chief executives was 129 times that of the average employee and works out to the equivalent of 10,000 people working in Bangladeshi garment factories.

Among the eight billionaires from the latest research, Bill Gates, who tops the list, and Warren Buffett, the world’s third richest man, are known philanthropists who have pledged to give away most of their wealth.

Oxfam said the move was “welcome” but did not replace the need for a fair tax system.

The world’s eight richest billionaires

1. Bill Gates (US): co-founder of Microsoft (net worth $75bn)

2. Amancio Ortega (Spain): founder of Zara owner Inditex (net worth $67bn)

3. Warren Buffett (US): largest shareholder in Berkshire Hathaway (net worth $60.8bn)

4. Carlos Slim Helu (Mexico): owner of Grupo Carso (net worth $50bn)

5. Jeff Bezos (US): founder and chief executive of Amazon (net worth $45.2bn)

6. Mark Zuckerberg (US): co-founder and chief executive of Facebook (net worth $44.6bn)

7. Larry Ellison (US): co-founder and chief executive of Oracle (net worth $43.6bn)

8. Michael Bloomberg (US): owner of Bloomberg LP (net worth $40bn)

Source: Forbes billionaires’ list, March 2016