More than half the world's wealth will soon be owned by the wealthiest one percent of the population, according to a study by anti-poverty charity Oxfam.
Staggering #inequality: top 1% will own 50% of world's wealth by 2016. You can help #EvenitUp! http://t.co/176qNENAXj pic.twitter.com/rfMHKmVWRq
— Oxfam International (@Oxfam) January 19, 2015
Radio New Zealand says the charity's research shows that the share of the world's wealth owned by the richest one percent increased from 44 percent in 2009 to 48 percent last year. On current trends, it will exceed 50 percent by 2016.
The research coincides with the start of the World Economic Forum in Davos, the annual gathering of top political and business leaders from around the world.
Oxfam's executive director Winnie Byanyima, who will co-chair the Davos event, said she would use the charity's high-profile role at the forum to demand urgent action to narrow the gap between rich and poor.
In a statement, Ms Byanyima said the scale of global inequality was “simply staggering” and it was time world leaders took on powerful vested interests.
“Business as usual for the elite isn't a cost-free option - failure to tackle inequality will set the fight against poverty back decades.
“The poor are hurt twice by rising inequality - they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around,” she added.
