Home / Richest 1% are now wealthier than the rest of the world combined, Oxfam Says
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Richest 1% are now wealthier than the rest of the world combined, Oxfam Says

Just 62 people, 53 of them men, own as much wealth as the poorest half of the entire world population, 3.5 billion people, compared with 388 individuals five years earlier.

DAVOS, Switzerland — Politicians and business leaders gathering in the Swiss Alps this week face an increasingly divided world, with the poor falling further behind the super-rich and political fissures in the United States, Europe and the Middle East running deeper than at any time in decades.

Just 62 people, 53 of them men, own as much wealth as the poorest half of the entire world population, 3.5 billion people, compared with 388 individuals five years earlier.

 The richest 1 per cent own more than the other 99 per cent put together, anti-poverty charity Oxfam said on Monday.

Inequality is one of the biggest threats to economic well-being and it needs to be addressed

Significantly, the wealth gap is widening faster than anyone anticipated, with the 1 per cent overtaking the rest one year earlier than Oxfam had predicted only a year ago.

Rising inequality and a widening trust gap between people and their political leaders are big challenges for the global elite as they converge on Davos for the annual World Economic Forum, which runs from Jan. 20 to 23.

But the divisions go far beyond those that exist between the haves and have-nots. In the Middle East, the divide between Shi’ites and Sunnis has reached crisis point, with Iran and Saudi Arabia jostling openly for influence in a region reeling from war and the barbarism of Islamic extremists.

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