Oxfam: Wealthiest 1 percent soon to own more than everybody else

Charity Oxfam has issued a stark warning on wealth inequality ahead of the World Economic Forum in Davos. The richest 1 percent of people – many of them in Switzerland this week – will soon own more than all the rest.

By 2016, the world’s richest 1 percent will possess more wealth than the remaining 99 percent of the population, according to an Oxfam issue brief released ahead of the World Economic Forum in Davos, Switzerland.

Between 2009 and 2014, the top percentile’s combined wealth rose from 44 percent of the global total to 48 percent – and will likely clear the half-way hurdle during 2016.

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“Do we really want to live in a world where the one percent own more than the rest of us combined?” asked Oxfam’s executive director Winnie Byanyima, one of the co-chairs of the events in Davos. “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.”
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Source News: DW