02:56 GMT16 May 2021
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    The top 1% will have more wealth than the remaining 99% of people in just two years, according to a report by Oxfam.

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    MOSCOW, January 19 (Sputnik) — The richest 1 percent of the world's population is expected to own over half of global wealth by 2016, a report released Monday by Oxfam, a British anti-poverty charity, said.

    "The top 1% will have more wealth than the remaining 99% of people in just two years, with the wealth share of the top 1% exceeding 50% by 2016," Oxfam's said in the report "Wealth: Having It All and Wanting More."

    In 2014, the richest 1 percent owned 48 percent of global wealth, while the remaining 99 percent of the world's population possessed the other 52 percent. This trend is likely to continue in the next two consecutive years, increasing the share of the richest 1 percent further, according to the report.

    "Extreme inequality isn't just a moral wrong. We know that it hampers economic growth and it threatens the private sector's bottom line," Oxfam International executive director Winnie Byanyima was quoted as saying in a press release from the organization.

    Byanyima, who is due to co-chair the World Economic Forum meeting in Davos, Switzerland, beginning January 21, has said she will use this opportunity to call for action to tackle rising inequality and fight the concentration of wealth in the hands of a small elite.

    The report is part of Oxfam's Even It Up campaign, launched in October 2014, aiming to reduce the existing gap between rich and poor.

    Related:

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    US Wealth Inequality Gap Widens Despite Economic Recovery: Research Center
    Tags:
    World Economic Forum, Oxfam, Davos, Switzerland
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