Sharp rise in income inequality in Spain since 2007: report

Spain has seen inequality and social exclusion rise more than any other country in the Organization for Economic Co-operation and Development(OECD) since the start of the economic crisis in 2007, according to a report published by Oxfam Intermon on Monday.

The report, named "An economy for the 1 percent," said Spain is now among the five most unequal nations in the European Union, behind Portugal, Italy and Greece in the differences between rich and poor.

Oxfam highlighted that during 2015, the assets of the richest 20 people in Spain grew by 15 percent to 115 billion euros (125.14 billion U.S. dollars), while the net assets of 99 percent of the population fell by 15 percent.

The report revealed that the last 15 years have led to a position where: "almost 30 percent of the population now live in a situation of risk and exclusion and have seen their net assets rise by just 3 percent, while those of the richest 10 percent have risen by 56 percent."

Consequently, the fortunes of the richest 5.0 percent of Spaniards (2.3 million people) are worth more than the combined assets of the 42 million poorest Spaniards (90 percent of the population).

The average salary in Spain fell by 22.2 percent between 2007 and 2014, with poorer households experiencing even sharper wage reductions, the report said.

Oxfam reported that fiscal pressure in Spain is 8.2 percent below the eurozone average and that 85 percent of tax income comes from families, while "tax receipts from capital gains fell by 12.6 percent in 2014, despite the fact that earnings from patrimony rose by 40 percent." Endit