One billionaire created after every two days: Oxfam

PanARMENIAN.Net - The number of billionaires rose at an unprecedented rate of one every two days between March 2016 and March 2017, a new Oxfam report reveals, according to The Standard.

Billionaire wealth has risen by an annual average of 13 percent since 2010 – six times faster than the wages of ordinary workers, which have risen by a yearly average of just two percent.

It takes a Chief Executive Officer (CEO) in a United States company slightly over one working day to earn what an ordinary worker makes in a year, the report says.

And it takes just four days for a CEO from one of the top five global fashion brands to earn what a Bangladeshi garment worker will earn in her lifetime.

It takes just four days for a CEO from one of the top five global fashion brands to earn what a Bangladeshi garment worker will earn in her lifetime. In the US, it takes slightly over one working day for a CEO to earn what an ordinary worker makes in a year. It would cost $2.2 billion a year to increase the wages of all 2.5 million Vietnamese garment workers to a living wage.

This is about a third of the amount paid out to wealthy shareholders by the top five companies in the garment sector in 2016.