Super-rich top 100 could end poverty

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The top 100 in the list of the world’s richest people earned enough last year to end extreme poverty four times over, Oxfam said today.

The charity outlined how an “explosion in extreme wealth” was hindering efforts to tackle poverty, in a briefing to be released this morning ahead of next week’s World Economic Forum in Davos, Switzerland.

In their report The Cost Of Inequality: How Wealth And Income Extremes Hurt Us All, Oxfam said the net income last year of the 100 richest people was £150 billion.

In contrast, people in “extreme poverty” live on less than 78p per day, and the charity called on world leaders to commit to reducing inequality to levels last seen in 1990.

Barbara Stocking, Oxfam’s chief executive, said a “global new deal” was needed to reverse decades of inequality.