Wealth amassed by the richest 1% will overtake the amount owned by the rest of the people in the world, according to a study by charity group Oxfam, BBC News reports.
Richest 1% to own more than rest of world, Oxfam says
STEPANAKERT, JANUARY 19, ARTSAKHPRESS:The richest 1% of people will see their share of global wealth increase to more than 50% in 2016 at the current rate of growth. Their wealth increased from 44% in 2009 to 48% last year, said the group. Oxfam's report warns that the "explosion in inequality" is holding back the fight against global poverty.
"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," Winnie Byanyima, executive director of Oxfam International said in a statement ahead of the annual World Economic Forum in Davos. In October, a report from banking giant Credit Suisse also said that the richest 1% of people own nearly half of the world's wealth.
