Richest 1% will own more than half the world’s wealth by next year: Study

Oxfam International has just released a report which forecasts that the richest 1% of the global population will own more than half the world’s wealth by next year. Oxfam’s executive director is cited in the report as saying “Extreme inequality isn't just a moral wrong. We know that it hampers economic growth and it threatens the private sector's bottom line.” The story was picked up by several news outlets including The Toronto Star.

According to The Star, “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 U.S. and European Union for beneficial tax changes at a time when average taxpayers are still paying the bill for the financial crisis, Oxfam said.”