The wealthiest 1% will soon own more than the rest of the world’s population, according to a study by anti-poverty charity Oxfam.
The charity’s research shows that the share of the world’s wealth owned by the richest 1% increased from 44% in 2009 to 48% last year.
On current trends, Oxfam says it expects the wealthiest 1% to own more than 50% of the world’s wealth by 2016.
The research coincides with the start of the World Economic Forum in Davos. The annual gathering attracts top political and business leaders from around the world.
Oxfam’s executive director Winnie Byanyima, who will co-chair the Davos event, said she would use the charity’s high-profile role at the forum to demand urgent action to narrow the gap between rich and poor.
In a statement ahead of the gathering, Ms Byanyima said the scale of global inequality was “simply staggering”.
“It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world.
“Business as usual for the elite isn’t a cost-free option – failure to tackle inequality will set the fight against poverty back decades. The poor are hurt twice by rising inequality – they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around,” she added.
Global wealth
48% owned by richest 1% in 2014
54% owned by richest 1% by 2020
$1.9tn wealth of 80 top billionaires – equal to bottom 50% of rest of world
$600bn increase in wealth for 80 top billionaires in 4 years – or 50% rise
$750bn drop in wealth for the poorest 50% of the world in 4 years
Source: Oxfam, Credit Suisse Read more
