Billionaires and politicians gathering in Switzerland this week will come under pressure to tackle rising inequality after a study found that – on current trends – by next year, 1% of the world’s population will own more wealth than the other 99%.
Ahead of this week’s annual meeting of the World Economic Forum in the ski resort of Davos, the anti-poverty charity Oxfam said it would use its high-profile role at the gathering to demand urgent action to narrow the gap between rich and poor.
The charity’s research, published today, shows that the share of the world’s wealth owned by the best-off 1% has increased from 44% in 2009 to 48% in 2014, while the least well-off 80% currently own just 5.5%.
Oxfam added that on current trends the richest 1% would own more than 50% of the world’s wealth by 2016.
Winnie Byanyima, executive director of Oxfam International and one of the six co-chairs at this year’s WEF, said the increased concentration of wealth seen since the deep recession of 2008-09 was dangerous and needed to be reversed."
I wonder if much has changed over the years. A handful of people controlled the world for most of mankind's history and they still do, at least financially. We all know that can be gone in a heartbeat and you can't take it with you.
It's what you do with it that really matters and Oxfam is following that. Some rich people have really made a difference in people's lives and I assume many do not.
I think all you and I can hope to do is to make a difference with what we have. The people I know and deal with are that way. They definitely make a difference with what they have and I keep trying!
If you suddenly had an extra million dollars today, what would you do with it? Five years ago I would have said more farming and today I am not so sure.