THE richest one per cent of the
population will own more than half the world’s wealth by 2016, Oxfam
International said in a report released as the World Economic Forum
begins in Davos, Switzerland.
Oxfam said the world’s richest people saw their share of global
wealth jump to 48 per cent last year from 44 per cent in 2009. Rising
inequality is holding back the fight against global poverty as the
world’s biggest companies lobby the US and European Union for beneficial
tax changes at a time when average taxpayers are still paying the bill
for the financial crisis, Oxfam said.
One in nine people don’t have enough to eat and more than a billion
people live on less than $US1.25 a day, Oxfam said, ticking off
statistics that paint a grim picture for all but the world’s richest.