Money

48 Percent Of Global Wealth Owned By One Percent, Says Study

| by Michael Allen

A new report by the anti-poverty organization Oxfam International claims that 48% of the world's wealth is owned by 1% of the world's population.

The study also claimed that 80% of the world's population holds only 5.5% of the wealth. If current trends continue, Oxfam International predicts that 1% will hold more than 50% of the wealth by next year.

According to the BBC, Oxfam International bases its predictions on information from the Credit Suisse Global Wealth datebook, which counts financial and non-financial assets, such as possessions and land, to determine worth. Wages and salaries are not part of the research.

Winnie Byanyima, executive director of Oxfam International, told The Guardian:

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"We want to bring a message from the people in the poorest countries in the world to the forum of the most powerful business and political leaders. The message is that rising inequality is dangerous. It’s bad for growth and it’s bad for governance. We see a concentration of wealth capturing power and leaving ordinary people voiceless and their interests uncared for."

"Do we really want to live in a world where the 1% own more than the rest of us combined? The scale of global inequality is quite simply staggering and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast.”

Sources: BBC, The Guardian, Oxfam International
Image Credit: Araz