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Richest 1% set to hold half of world's wealth, says study

  • A new study has found that by next year, the world’s 1% richest people will have more wealth than the remaining 99%, according to media reports.

    The research has been published by Oxfam, the anti-poverty charity, and comes days before the annual World Economic Forum meeting at Davos, Switzerland.

    The charity said it would urge those gathered at Davos to take urgent steps to reduce the worldwide gap between the rich and poor.

    According to the research, which was made public on Monday, the share of wealth owned by the 1% increased to 48% in 2014 from 44% in 2009. By current trends, the richest 1% would own over 50% of the entire wealth of the world by 2016, the study says.

     

    Tagged as: 1 richest, wealth, 99 , Oxfam, anti-poverty charity, World Economic Forum, Davos, Switzerland, business news