Wealth of richest 1% equal to other 99%
The richest 1% now has as much wealth as the rest of the world combined, according to Oxfam.
Oxfam also calculated that the richest 62 people in the world had as much wealth as the poorest half of the global population.
= The 62 richest people in the world are worth more than the poorest 50%.
Oxfam predicted that the 1% would overtake the rest of the world this time last year.
It takes cash and assets worth $68,800 (£48,300) to get into the top 10%, and $760,000 (£533,000) to be in the 1%. That means that if you own an average house in London without a mortgage, you are probably in the 1%.
Oxfam said that the 62 richest people having as much wealth as the poorest 50% of the population is a remarkable concentration of wealth, given that it would have taken 388 individuals to have the same wealth as the bottom 50% in 2010.
“Instead of an economy that works for the prosperity of all, for future generations, and for the planet, we have instead created an economy for the 1%,” Oxfam’s report says.
Oxfam calls on governments to take action to reverse this trend.