Of particular note, nine out of 10 of the billionaires are men.
It’s nearly impossible for workers to catch up with the world’s wealthiest. To highlight the disparity, Oxfam makes the following comparison: Zara founder Amancio Ortega made $1.59 billion in share dividends in 2016. Stefan Perssin, the son of the founder of H&M, made $805 million in share dividends in 2016. A woman named Anju in Bangladesh, who sews clothes 12 hours a day for export, makes just over $900 a year. Zara and H&M often have the clothes they sell made in Bangladesh.
Such extreme levels of wealth inequality must be fixed, according to one of the richest people in the world, Warren Buffett. The investor and CEO of Berkshire Hathaway is currently worth almost $92 billion, according to Forbes.
“The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people,” says Buffett on PBS Newshour in June, speaking about the U.S. economy. “This has been a prosperity that’s been disproportionately rewarding to the people on top.
“The economy is doing well, but all Americans aren’t doing well,” says Buffett.
Automation and digitization of the workforce is leaving workers behind in the United States, says Buffett.
“That’s the problem that has to be addressed, because when you have something that’s good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.”
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