Richest 1% to own half of world’s wealth by 2016, says Oxfam - Yahoo News
Oxfam says an "explosion of inequality" is holding back the fight against global poverty. When 1 in 9 people around the world do not have enough food to eat, the growing gap between rich and poor is scandalous, says Oxfam’s Max Lawson.
“An incredible concentration of wealth right at the top of society, which is deeply, deeply divisive and very economically inefficient. So we’re very worried about that. It’s bad for the planet, it’s bad for the economy, and it seems to be getting worse,” Lawson said.
Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016 - NYTimes.comWealth accumulated by the richest one percent will exceed that of the other 99 percent in 2016, the Oxfam charity said Monday, ahead of the annual meeting of the world's most powerful at Davos, Switzerland."The scale of global inequality is quite simply staggering and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast," Oxfam executive director Winnie Byanyima said.The richest one percent's share of global wealth increased from 44 percent in 2009 to 48 percent in 2014, the British charity said in a report, adding that it will be more that 50 percent in 2016.
Report says richest 1% will control most wealth by 2016The richest 1 percent are likely to control more than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday. The warning about deepening global inequality comes just as the world’s business elite prepare to meet this week at the World Economic Forum in Davos, Switzerland.
The 80 wealthiest people in the world altogether own $1.9 trillion, the report found, nearly the same amount shared by the 3.5 billion people who occupy the bottom half of the world’s income scale. (Last year, it took 85 billionaires to equal that figure.) And the richest 1 percent of the population, who number in the millions, control nearly half of the world’s total wealth, a share that is also increasing.The type of inequality that currently characterizes the world’s economies is unlike anything seen in recent years, the report explained. “Between 2002 and 2010 the total wealth of the poorest half of the world in current U.S. dollars had been increasing more or less at the same rate as that of billionaires,” it said. “However since 2010, it has been decreasing over that time.”
In 2014, the 80 richest people had a collective wealth of $1.9 trillion — a rise of $600 billion, or 50% in four years, according to the report, Wealth: Having It All and Wanting More. The report used data taken from Forbes' billionaires list and also research conducted by Swiss financial services group Credit Suisse.
The increasing disparity comes as dozens of heads of state and hundreds of chief executives gather in the Swiss Alps under pressure to find ways of reducing inequality. President Obama is also expected on Tuesday in his State of the Union Address to unveil a series of proposals aimed at alleviating economic inequality in the United States.