The combined wealth of the richest 1% will overtake that of the other 99% of people in 2016 unless the current trend of rising inequality is curbed.
This warning comes from charity organisation, Oxfam, ahead of the annual World Economic Forum meeting in Davos.
The international agency warned that the explosion in inequality is holding back the fight against global poverty at a time when 1 in 9 people do not have enough to eat and more than a billion people still live on less than $1.25-a-day.
A research paper published on Monday by Oxfam entitled: The ‘Wealth: Having It All and Wanting More’, shows that the richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014 and at this rate will rise to more than 50% in 2016.
Members of this global elite had an average wealth of $2.7 million per adult in 2014.
Of the remaining 52% of global wealth, almost all (46%) is owned by the rest of the richest fifth of the world’s population. The remaining 80% share just 5.5% and had an average wealth of $3,851 per adult – that’s 1/700th of the average wealth of the 1%, Oxfam said.
It said thatd the wealth of 1%, 50%, 80% and 99% was taken from Credit Suisse Global Wealth Datebook (2013 and 2014), while the wealth of the richest 80 was calculated using Forbes’ billionaires list.