By Dotun Ibiwoye

The wealth of eight men accounts for the wealth of about half of the world’s population, according to a report by Oxfam, an international confederation of charitable organizations, yesterday.

The eight richest men in the world are: Bill Gates, Amancio Ortega, Warren buffet, Carlos Slim Helu, Jeff Bezos, Mark Zuckerberg, Larry Ellison and Micheal Bloomberg.

Collectively, they own $426.2 billion. This figure is about half of the world’s wealth, which is approximately $110 trillion.

According to the release by Oxfam Nigeria’s Programme Coordinator, Celestine Okwudili Odo, seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years.

Between 1988 and 2011, the incomes of the poorest 10 percent increased by an average of just $3 per year, while the incomes of the richest 10 percent grew by an average of $11,800 a year – 182 times as much.

According to the Forbes list, Microsoft founder Gates is the richest individual with a net worth of $75 billion.

Oxfam outlined measures that it hopes will be enacted to help reduce the inequality.

They include higher taxes on wealth and income to ensure a more level playing field and to fund investments in public services and jobs, greater cooperation among governments on ensuring workers are paid decently and the rich do not dodge their taxes. And business leaders should commit to paying their fair share of taxes and a living wage to employees.

Max Lawson, Oxfam’s policy adviser, urged billionaires to “do the right thing,” and to do “what Bill Gates has called on them to do, which is pay their taxes.”