Richest one per cent will own half of the world’s wealth by 2016

Wealth accumulated by the richest one per cent will exceed that of the other 99 per cent in 2016, the Oxfam charity said Monday, ahead of the annual meeting of the world’s most powerful at Davos, Switzerland. The richest one per cent’s share of global wealth increased from 44 per cent in 2009 to 48 per cent in 2014, the British charity said in a report, adding that it will be more that 50 per cent in 2016.

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

Oxfam called upon states to tackle tax evasion, improve public services, tax capital rather than labour, and introduce living minimum wages, among other measures, in a bid to ensure a more equitable distribution of wealth. The 45th World Economic Forum that runs from Wednesday to Saturday will draw a record number of participants this year with more than 300 heads of state and government attending. Rising inequality will be competing with other global crises including terrorist threats in Europe, the worst post-Cold War stand-off between Russia and the West and renewed fears of financial turmoil.

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