Winnie Byanyima, Executive Director, Oxfam - file photo
According to a study by charity group, Oxfam, wealth amassed by the richest one per cent will soon overtake the amount owned by the rest of the people in the world.
The richest one per cent of people will see their share of global wealth increase to more than 50 per cent in 2016, at the current rate of growth. Oxfam said their wealth increased from 44 per cent in 2009 to 48 per cent last year.
The report has warned that the explosion in inequality is holding back the fight against global poverty.
The research coincides with the start of the World Economic Forum in Davos. The annual gathering attracts top political and business leaders from around the world.
Winnie Byanyima, Oxfam's Executive Director, who will co-chair the Davos event, has promised she would use the charity's high-profile role at the forum to demand urgent action to narrow the gap between rich and poor.
In a statement ahead of the gathering, Ms Byanyima said the scale of global inequality was "simply staggering".
SOURCE: BBC
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