Oxfam, the richest 1 percent will soon own hold more wealth than the rest of the world’s population. Having It All And Wanting More, a research paper published today by Oxfam, shows that the bulk of the world’s wealth owned by the richest 1 percent increased to 48 percent last year from 44 percent in 2009. The average wealth per adult in this group is $2.7 million.
Oxfam says it expects the wealthiest 1 percent to own over 50 percent of the world’s wealth by 2016. “These wealthy individuals have generated and sustained their vast riches through their interests and activities in a few important economic sectors, including finance and insurance, and pharmaceuticals and healthcare,” Oxfam said.
This study happens to correspond with the start of the World Economic Forum in Davos – where the annual meeting of global political and business elites usually takes place. Winnie Byanyima, Oxfam’s Executive Director who is also set to co-chair the event, has stated her intentions to use Oxfam’s prominent role at the meeting to demand urgent actions to cut down the growing gap between the rich and the poor. “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,” she said.
Oxfam therefore called upon authorities to improve public services, tackle tax evasion, tax capital rather than labour, and introduce minimum wages, among other actions, to guarantee a more even-handed circulation of wealth.
According to a report by Yahoo News, other than geopolitical crises, contentious issues like the Ebola epidemic, the challenges caused by plunging oil prices and the future of technology will also be addressed at the Swiss resort.
This charity, an international confederation of 17 organisations, is determined to change the world by mobilizing the power of people against poverty.