Oxfam NGO report shows wealthiest in Spain getting richer and poor getting poorer

AROUND 10 per cent of Spain’s population has more wealth than the rest combined, according to an NGO.

Oxfam International’s Inequality 1- Equal Opportunities 0 report showed Spain’s richest 1 per cent, 463,700 people, have more than three times the wealth of all the poorest 50 per cent. There are almost 46.6 million people in Spain.

The report stated that Spain remained the fourth most unequal country in the EU and that neither a growth in jobs or welfare had succeeded in tackling poverty.

“Inequality was rampant in Spain during the last financial crisis and has not been brought under control,” Oxfam’s report stated.

The wealth of the richest 1 per cent in Spain has grown by 7 per cent since the onset of the last financial crisis. That of the poorest 50 per cent has fallen by 4 per cent during the same time, according to the report.

The report also showed around 15 per cent of the Spanish middle class had not recovered from the last recession.

“Spanish society has become polarised at the expense of the thinning of the middle class,” the report stated.

Oxfam released the report as leading politicians, academics and businesspeople gather in Davos, Switzerland for the World Economic Forum.

Author badge placeholder
Written by

Euro Weekly News Media

Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews