Jan 22, 2018

Report: Richest 1% cornered 82% of wealth created in 2017

Image: Pacific Press / Getty Images

Last year saw a widening of the global inequality gap and the biggest increase of billionaires in history, according to a report from the anti-poverty charity Oxfam.

Why it matters: Billionaires grew their wealth by $762 billion in 12 months, an increase that Oxfam says could have ended "global extreme poverty" seven times over.

By the numbers:

  • 82% of all wealth created last year went to the top 1%, while the bottom 50% saw no increase at all.
  • A billionaire was created every two days in 2017, bringing the total to 2,043.
  • Nine out of 10 billionaires are men.
  • 42 people own the same wealth as the bottom 3.7 billion.
  • The three richest people in the U.S. own the same wealth as the bottom 50%.

Go deeper

Updated 2 hours ago - Politics & Policy

U.S. enters 6th day of nationwide protests over George Floyd's killing

A protest in Philadelphia on May 31. Photo: Mark Makela/Getty Images

Minneapolis Police Chief Medaria Arradondo responded to George Floyd's brother on CNN Sunday evening, in the family's first exchange with the police department since Floyd's killing.

What they're saying: Arradondo, when asked by Philonise Floyd if he plans to arrest all officers involved in his brother's death, said that "being silent, or not intervening, to me, you're complicit. So I don't see a level of distinction any different," he said, adding that "Mr. Floyd died in our hands, and so I see that as being complicit." He noted that charges will come through the county attorney office.

Updated 2 hours ago - Politics & Policy

Journalists get caught in the crosshairs as protests unfold

A man waves a Black Lives Matter flag atop the CNN logo outside the CNN Center during a protest in response to the police killing of George Floyd, Atlanta, Georgia, May 29. Photo: Elijah Nouvelage/Getty Images

Dozens of journalists across the country tweeted videos Saturday night of themselves and their crews getting arrested, being shot at by police with rubber bullets, targeted with tear gas by authorities or assaulted by protesters.

Driving the news: The violence got so bad over the weekend that on Sunday the Cleveland police said the media was not allowed downtown unless "they are inside their place of business" — drawing ire from news outlets around the country, who argued that such access is a critical part of adequately covering protests.

Updated 3 hours ago - Politics & Policy

Tanker truck plows into Minneapolis protesters

The tanker after plowing into protesters on the shut-down bridge in Minneapolis on Sunday evening. Authorities said it appeared protesters escaped injury. Photo: Jeff Wheeler/Star Tribune via Getty Images

Minnesota authorities said in a statement they're investigating as a criminal matter what happened with a truck that "drove into demonstrators" on a Minneapolis bridge Sunday evening while the eight-lane road was closed for a protest.

What they're saying: Minnesota Department of Public Safety tweeted, "Very disturbing actions by a truck driver on I-35W, inciting a crowd of peaceful demonstrators. The truck driver was injured & taken to a hospital with non-life threatening injuries. He is under arrest. It doesn't appear any protesters were hit by the truck."