Spain’s economic revival has actually left the poorest in society worse off, shocking new figures reveal.
Between 2007 and 2016 the poorest 10% saw their share of national income decrease by 17%, according to a report by Oxfam Intermón.
But the study found that the richest 10% saw their share rise by 5%.
The increase in wealth disparity has partly been put down to wages remaining stagnant despite big business performing well.
The report also found that the costs of paying workers’ wages had remained the same from 2007 to 2016, meaning the annual salary received by a 26-year-old is worth on average 33% less today than a decade ago.
Meanwhile, the profits of companies in Spain grew by 200% in 2016 alone.
“The revival mainly favours executives and companies, while at the same time they are reducing their wage costs,” said Lara Contreras of Oxfam.
“In order to make the recovery more inclusive there must be an improvement of the minimum wage in Spain and more vigilance over tax evasion from companies.”
Oxfam Intermón will present its findings to the Spanish authorities in Barcelona in a bid to draw attention to the issue.
Combatting income disparity was also one of the key subjects discussed at the World Economic Forum in Davos.