Two richest Canadians as wealthy as poorest 30 per cent, report says

The Toronto Star

The two richest Canadians have the same amount of wealth as the poorest 30 per cent of the country combined, according to a new report from a group of international aid organizations.

The Oxfam report says the wealth of billionaire businessmen David Thomson and Galen Weston Sr. equals that of about 11 million Canadians.

The group of organizations, under the banner group Oxfam International, published its report “An Economy for the 99%” ahead of the World Economic Forum in Davos, Switzerland, which begins Tuesday. The report also said that the world’s eight richest people have as much wealth as the poorest 50 per cent of the world’s population.

“This is not a report about the rich and the poor. It’s about the super-rich and the rest of us,” said Lauren Ravon, the director of policy and campaigns at Oxfam Canada.

Oxfam made its calculations about global wealth distribution based on the Credit Suisse Global Wealth Data book, and calculated the wealth of the world’s richest people using the annual billionaires list from Forbes Magazine, which was last published in March 2016.

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