The unprecedented rise of the wealthiest one percent has been massive news in the United States, but it’s a global phenomenon. The charity Oxfam has released a new study indicating that by next year the richest 1% of people will control half of the world’s wealth. Don’t expect them to stop there, of course.
“In 2014, the richest 1% of people in the world owned 48% of global wealth, leaving just 52% to be shared between the other 99% of adults on the planet.1 Almost all of that 52% is owned by those included in the richest 20%, leaving just 5.5% for the remaining 80% of people in the world. If this trend continues of an increasing wealth share to the richest, the top 1% will have more wealth than the remaining 99% of people in just two years, as shown on Figure 2, with the wealth share of the top 1% exceeding 50% by 2016.”
[Full report available from Oxfam]