Richest 1 Percent To Own More Than Half Of The World's Wealth By 2016, Oxfam 
Finds


The Huffington Post  |  By Jade Walker  
<http://www.huffingtonpost.com/jade-walker/> 

Posted: 01/19/2015 6:56 am EST Updated: 01/19/2015 4:59 pm EST 

The rich keep getting richer, and by next year, just a handful of the 
upper-class will have accumulated more than half of the world's wealth 
<http://www.reuters.com/article/2015/01/19/us-davos-meeting-inequality-idUSKBN0KS0SW20150119>
 .

A new report released on Monday by Oxfam 
<http://www.oxfam.org/en/research/wealth-having-it-all-and-wanting-more>  warns 
that this deepening global inequality is unlike anything seen in recent years.

Using research from Credit Suisse 
<https://www.credit-suisse.com/uk/en/news-and-expertise/research/credit-suisse-research-institute/publications.html>
  and Forbes' annual billionaires list <http://www.forbes.com/billionaires/> , 
the anti-poverty charity was able to determine that the richest 1 percent of 
the world's population currently controls 48 percent of the world's total 
wealth. 

If trends continue, Oxfam predicts that the most-affluent will possess more 
wealth than the remaining 99 percent 
<http://www.nytimes.com/2015/01/19/business/19gap.html>  by 2016, The New York 
Times reported.

Drill down the numbers even more and you'll learn that the 80 wealthiest people 
in the world possess $1.9 trillion 
<http://fivethirtyeight.com/datalab/meet-the-80-people-who-are-as-rich-as-half-the-world/>
 , which is almost the same amount shared by some 3.5 billion people at the 
bottom half of the world's income scale.

Thirty-five of the lucky 80 were Americans with a combined wealth of $941 
billion. Germany and Russia shared second place, with seven uber-rich 
individuals apiece. 

Not surprisingly, the richest were titans in the finance, health care, 
insurance, retail, tech and extractives (oil, gas) industries, and they paid 
fortunes to lobbyists to maintain or increase their riches. Seventy of the 
world's wealthiest were men. And 11 members of the elite 80 simply inherited 
their wealth.

"Do we really want to live in a world where the 1 percent own more than the 
rest of us combined?" Oxfam executive director Winnie Byanyima said 
<http://www.oxfam.org.uk/blogs/2015/01/richest-1-per-cent-will-own-more-than-all-the-rest-by-2016>
  in a letter. "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."

This week, more than 2,500 of the world's rich and powerful will fly to 
Switzerland on hundreds of private jets 
<http://money.cnn.com/2015/01/19/luxury/davos-private-jet-flight/index.html>  
to attend the World Economic Forum 
<http://www.reuters.com/article/2015/01/19/us-davos-meeting-predictions-idUSKBN0KS0EJ20150119>
 . There they will chat about the financial markets and economic trends while 
eating the finest food and staying in Davos' five-star hotels 
<http://www.usatoday.com/story/money/2015/01/18/world-leaders-reconvene-at-davos/21956869/>
 .

Oxfam will also be in Davos, urging the wealthy and powerful to tackle the 
rising inequality situation 
<http://www.reuters.com/article/2015/01/19/us-davos-meeting-inequality-idUSKBN0KS0SW20150119>
 . The charity hopes to encourage world and business leaders to improve public 
services, introduce living wages, end the gender pay gap and crack down on 
tax-dodging corporations, Reuters reported.

In the meantime, more than 1 billion people on this planet continue to live on 
less than $1.25 a day 
<http://www.oxfam.org.uk/blogs/2015/01/richest-1-per-cent-will-own-more-than-all-the-rest-by-2016>
 . 

http://www.huffingtonpost.com/2015/01/19/world-wealth-oxfam_n_6499798.html

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