Richest 1% to own more than half world’s wealth by 2016 – Oxfam

As international movers and shakers head to the World Economic Forum in Davos, Switzerland, Oxfam is warning that an growing wealth disparity is “leaving ordinary people voiceless and their interests uncared for.”

The collective wealth of the world’s richest 1 p.c will exceed that of the opposite 99 p.c of the worldwide inhabitants subsequent 12 months, until steps are taken to deal with the inequality, Oxfam warned forward of the annual Davos assembly.

Oxfam, an anti-poverty charity, launched a report titled, “Wealth: Having It All and Wanting More,” which reveals that the richest 1 p.c, who had a mean wealth of $2.7 million per grownup in 2014, have seen their share of world wealth soar but additional, growing from 44 p.c in 2009 to 48 p.c in 2014.

At this charge, the richest 1 p.c, who turned the point of interest of public outrage through the 2011 Occupy Wall Street protests, will own more than 50 p.c of the world’s wealth by 2016.

Oxfam govt director Winnie Byanyima, who will co-chair the Davos symposium, mentioned she’s going to draw consideration to the grim undeniable fact that “one in nine people do not have enough to eat and more than a billion people still live on less than $1.25 a day,” she informed The Guardian.

“Do we actually need to dwell in a world the place the 1 p.c own more than the remainder of us mixed? The scale of world inequality is sort of merely staggering and regardless of the problems capturing up the worldwide agenda, the hole between the richest and the remainder is widening quick.”

However, regardless of fixed warnings that the upward curve in wealth focus will solely lead to catastrophe, the wealthy proceed to gobble up an even bigger and larger share of the worldwide wealth pie.

Last 12 months, Oxfam reported that the world’s 85 richest individuals have the identical wealth because the poorest 50 p.c (3.5 billion individuals). This 12 months, Oxfam mentioned the fact has turn into even more worrisome, with simply 80 individuals proudly owning the identical quantity of wealth as more than 3.5 billion individuals.

In 2010, the variety of people proudly owning the identical quantity of wealth because the poorest half of the world’s inhabitants was 388.

According to Byanyima, a method of addressing the “rising tide of inequality” is to crackdown on tax-dodging by firms, and to push for progress in direction of a worldwide deal on local weather change.

The statistics supplied by Oxfam paint a dark portrait of the challenges going through the planet within the face of extreme wealth focus.

“Twenty percent of billionaires have interests in the financial and insurance sectors, a group which saw their cash wealth increase by 11 percent in the 12 months to March 2014,” in accordance to the group.

These company sectors spent $550 million “lobbying policy makers in Washington and Brussels during 2013,” severely altering the scope of presidency illustration initially designed for the citizens.

Meanwhile, through the 2012 US election marketing campaign, the monetary sector supplied $571 million in marketing campaign contributions, Oxfam mentioned.

The charity mentioned the wealth of the tremendous-richest 80 individuals doubled between 2009 and 2014, and that more and more the wealth was getting used by the wealthy to additional their own pursuits, often by lobbying efforts in authorities.

More than one-third of the 1,645 billionaires listed by Forbes journal inherited some or all of their riches.

Oxfam mentioned it was calling on governments to undertake a seven-level plan to alleviate international inequality:

• Clamp down on tax dodging by firms and wealthy people.

• Invest in common, free public companies resembling well being and schooling.

• Share the tax burden pretty, shifting taxation from labour and consumption in direction of capital and wealth.

• Introduce minimal wages and transfer towards a dwelling wage for all staff.

• Introduce equal pay laws and promote financial insurance policies to give ladies a good deal.

• Ensure sufficient security nets for the poorest, together with a minimal earnings assure.

• Agree a worldwide objective to sort out inequality.