Posts Tagged ‘Oxfam report on wealth’

New Oxfam report says half of global wealth held by the 1%

“Money, money, money” by OJ’s.

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New Oxfam report says half of global wealth held by the 1%

Oxfam warns of widening inequality gap, days ahead of Davos economic summit in Switzerland
Larry Elliott, economics editor, and Ed Pilkington
The Guardian, Monday 19 January 2015

Billionaires and politicians gathering in Switzerland this week will come under pressure to tackle rising inequality after a study found that – on current trends – by next year, 1% of the world’s population will own more wealth than the other 99%.

Ahead of this week’s annual meeting of the World Economic Forum in the ski resort of Davos, the anti-poverty charity Oxfam said it would use its high-profile role at the gathering to demand urgent action to narrow the gap between rich and poor.

The charity’s research, published on Monday, shows that the share of the world’s wealth owned by the best-off 1% has increased from 44% in 2009 to 48% in 2014, while the least well-off 80% currently own just 5.5%.

Oxfam added that on current trends the richest 1% would own more than 50% of the world’s wealth by 2016. Continue reading