Member Article

Richest 1% wealthier than rest of the world combined

Wealth accumulated by the world’s richest 1% is set to overtake that of the other 99% within the year, according to research by charity Oxfam ahead of the World Economic Forum.

The report suggests that the wealthiest 1% will see their share of global assets rise past 50% this year, from 44% in 2009 and 48% last year.

The organisation reported that each of the wealthiest 1% of individuals is worth an average $2.7 million or £1.8 million each.

Below the richest fifth, 80% of the world’s population own just 5.5% of wealth - an average of €3,851 (£2,500) each.

Oxfam International executive director Winnie Byanyima said: “Do we really want to live in a world where the 1% own more than the rest of us combined?

“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.

“In the past 12 months we have seen world leaders from President Obama to Christine Lagarde talk more about tackling extreme inequality but we are still waiting for many of them to walk the walk.

“It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world.

“Business as usual for the elite isn’t a cost free option - failure to tackle inequality will set the fight against poverty back decades.

This was posted in Bdaily's Members' News section by Clare Burnett .