Oxfam research shows that the share of wealth owned by the world’s richest 1% is set to outweigh that of the rest of the world’s population.
The proportion of the world’s wealth owned by the richest 1% increased to 48% last year according to the research. That’s an increase of 4% in 2009. Members of this global elite had an average wealth of $2.7m per adult in 2014.
Oxfam reports that it expects this figure to hit over 50% next based on these current trends and figures.
The release of Wealth: Having it all and wanting more comes before the annual World Economic Forum meeting in Davos takes place.
Lady Lynn Forester de Rothschild, Chief Executive Officer of EL Rothschild and chairman of the Coalition for Inclusive Capitalism commented: ‘Extreme inequality…undermines economic growth and it threatens the private sector’s bottom line. All those gathering at Davos who want a stable and prosperous world should make tackling inequality a top priority.’