Wealth inequality: New study by Oxfam

By 2016 the richest 1 percent of people should own more than half of the global wealth. This is one of the main points of the new study “Wealth: Having it all and wanting more” published on Monday by the Non-profit organization Oxfam.

Concerning to the study the share of the global wealth of the richest 1 percent increased from 44 to 48 percent between 2009 and 2014.

Following this trend the organization came to the conclusion of them owning more than half in the next year. Of the 80 most wealthiest 35 are Americans, the other two big groups ar German and Russian people.

They are, not suprisingly, part of the finance, health care, insurance, retail, tech and extractives (oil, gas) industries.

Image sources: twipho.net

“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,” says Winnie Byanyima, the Executive Director of Oxfam International, in a letter.

She will visit the World Economic Forum taking place in Davos, Switzerland, this week. There most of the world’s powerful and rich people will be discussing the financial markets and economic trends.

Oxfam “hopes to encourage world and business leaders to improve public services, introduce living wages, end the gender pay gap and crack down on tax-dodging corporations”, as Reuters reported concerning to the Huffington Post.

However the UK magazine The Spectator is bringing up some contradictory numbers as an answer to the Oxfam study on their blog.

Concerning to this “global poverty has been declining faster than at any point in human history” – author Fraser Nelson is iexplaining this like that: as global wealth is constantly growing, the fact that the rich people are getting richer also means that the poor people are getting richer.

Taking his conclusions out of that, he suggests to keep on the course the world is having now.

By Babette Jochum

The Spectator