Eighty-two percent of the money made last year went to the richest 1 percent of the world’s population, according to a report by anti-poverty charity Oxfam. With these numbers, the charity claimed that the gap between the global rich and poor has further increased.
“Tax evasion, firms’ influence on policy, erosion of workers’ rights, and cost cutting” were the identified factors that contributed to the growing disparity. In this year’s report, the richest 42 people in the world had as much wealth as the poorest half. “However you look at it, this is an unacceptable level of inequality,” said Oxfam Chief Executive Mark Goldring in the report.
The report’s release coincides with the World Economic Forum in Davos, where issues of inequality are discussed but “fade away at the first resistance,” said Goldring.
The charity’s report published in 2012 expected the wealthiest 1% to own more than 50% of the world’s wealth by 2016. The report also showed that the share of the world wealth owned by the richest 1% increased from 44% in 2009 to 48% in the following year.
Oxfam based its prediction on data from the annual Credit Suisse Global Wealth Datebook, which gives distribution of global wealth going back to 2000. It uses the value of an individual’s financial and non-financial assets, mainly property and land, minus their debts to determine what individuals “own.”
The data excludes wages or income.
Oxfam is calling on governments to adopt a seven point plan to tackle inequality, including a clampdown on tax evasion by companies and the move towards a living wage for all workers.
Oxfam made headlines at Davos last year with the revelation that the 85 richest people on the planet have the same wealth as the poorest 50%, (3.5 billion people).
It said that that comparison had now become even starker, with the 80 richest people having the same wealth as the poorest 50%.
The World Economic Forum’s annual meeting in Davos, Switzerland, begins on Jan. 23. While the full roster of attendees was closely guarded in the past, organizers now have made a list of participants public ahead of the forum. Released last week, this year’s confab includes heads of State like Donald Trump, International financiers like Christine Lagarde, Titans of the industries like Ginni Rometty, high profile academics Adam Grant, Businessmen like George Soros and Royalties like Queen Raina from around the world.