World’s Wealthiest 1% to Own More Than Everyone Else Combined

The wealth gap continues to widen, as a new report released by Oxfam on Monday shows the world's richest 1% will have as much wealth as the remaining 99% combined by next year, being as they are set to rise from owning 48% to a shocking 50% of the world's wealth.

"The richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014," the report reveals.

Putting the figures in perspective, the report stated that the 80 richest people in the world own the same wealth as the poorest 3.5 billion people.

And the trend continues past the top 1%; of the remaining 52% of global wealth not currently owned by them, "46% is owned by the rest of the richest fifth of the world's population."

The remaining 95% of the population, removing the top 5%, owns a mere 5.5% of the world's wealth, with each adult receiving an average $3,851 over the course of the entire year of 2014.

How much did the "global elite" top 5% earn last year? According to the report, each one earned an average of $2.7 million.

Winnie Byanyima, executive director of Oxfam, responded to the findings saying "do we really want to live in a world where the 1% own more than the rest of us combined?"

This week Byanyima is to co-chair the annual World Economic Forum in Davos, reports CNN, where she intends to call for action over the rising wealth gap.

"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," she said. "It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world."

In a move possibly timed for the report announcement, US President Barack Obama reportedly is going to unveil a controversial new bill in his State of the Union Address this Tuesday.

In it, he is to announce incentive programs to help middle class workers with such perks as two free years of community college and expanding high-speed internet.

However, the program will cost $235 billion on top of an already debt-ridden state budget – evidently he intends to raise the tax rates for the highest earners in the US from 20% to 28% so as to pay for it.

Source: http://www.israelnationalnews.com/News/News.aspx/190161

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