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.<\/p>\n
This warning comes from charity organisation, Oxfam, ahead of the annual World Economic Forum meeting in Davos.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Members of this global elite had an average wealth of $2.7 million per adult in 2014.<\/p>\n
Of the remaining 52% of global wealth, almost all (46%) is owned by the rest of the richest fifth of the world\u2019s population. The remaining 80% share just 5.5% and had an average wealth of $3,851 per adult \u2013 that\u2019s 1\/700th of the average wealth of the 1%, Oxfam said.<\/p>\n
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\u2019 billionaires list.<\/p>\n
Richest people in South Africa<\/strong><\/a><\/p>\n How much the world\u2019s richest people are worth<\/strong><\/a><\/p>\n