Oxfam study highlights Mexico’s drastic wealth inequality crisis

The level of inequality in Mexico is so extreme that its four wealthiest inhabitants have amassed fortunes equivalent to nine percent of the nation’s GDP, while 53.3 million people (45.5 percent of the population) live in poverty.

The extent of Mexico’s rampant and rapidly worsening wealth disparity was laid bare in a study released by international charity organization Oxfam on Wednesday.

The report, entitled “Extreme Inequality in Mexico: Concentration of Economic and Political Power,” reveals that while GDP per capita increased by less than one percent per year, the fortune of the 16 richest Mexicans quintupled between 1996 and 2014.

Mexico’s economy has stagnated in this period, and the number of people living in poverty has grown considerably, while the nation’s wealthiest man, telecommunications magnate Carlos Slim, has built up a fortune that equates to almost six percent of Mexico’s GDP…

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