Oxfam report shows richest 1% own half of global wealth
The world’s richest 1% will own more than the other 99% of the population, according to Oxfam study
Oxfam warns of widening gap between rich and poor
According to research by the charity, the share of the world’s wealth owned by the wealthiest 1% increased from 44% in 2009 to 48% last year.
Oxfam also reported that it expects the richest 1% to own more than 50% of the world’s wealth by 2016.
The research comes just a few days before the start of the Davos World Economic Forum, which attracts the top business and political leaders from around the world.
In a statement ahead of the gathering, Oxfam’s executive director Winnie Byanyima, said the scale of global inequality was “simply staggering”. Byanyima, who will co-chair the Davos summit, said that she would use the organization’s high-profile to demand action to narrow the gap between rich and poor.
Oxfam is calling on governments to tackle inequality, including measures such as a clampdown on tax evasion by companies and the move towards a living wage for all workers.
Last year Oxfam revealed at Davos, that the 85 richest people on the planet have the same wealth as the poorest 50% (3.5 billion people). It said that that comparison had now become even more stark, with the 80 richest people having the same wealth as the poorest 50%.
