“There’s been class warfare going on for the last 20 years, and my class has won.”
Billionaire investor Warren Buffett made that remark more than three years ago and it still holds true today – only the gap between the richest and the poorest has gotten even wider.
Here’s how bad it is: Oxfam now calculates that the 85 richest billionaires on the planet, including the likes of Carlos Slim, Bill Gates and Mark Zuckerberg, have as much money as the 3.5 billion poorest people.
And for all the talk about the urgent need to address income inequality, the mega-rich just keep on getting richer.
How much richer?
Oxfam estimates that between March 2013 and March 2014, those same 85 billionaires saw their wealth grow by $668 million every day.
These people are so grotesquely rich that if Bill Gates, for example, spent $1 million every day, it would take him 218 years to exhaust his funds.