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EXC: Wealth of richest one percent to surpass that of the other 99 percent in 2016: Oxfam

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Global inequality is on the rise as wealth at the disposal of the richest one percent will surpass that of the other 99 percent in 2016, charity organization Oxfam says.

“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,” Oxfam executive director Winnie Byanyima said early on Monday.

The share of the richest one percent in the global wealth rose from 44 percent in 2009 to 48 percent in 2014, the British organization said in a report, adding that it would be over 50 percent in 2016.

Among the richest, the average wealth per adult stands at USD 2.7 million (2.3 million euros), the report said.

Out of the remaining 52 percent of the global wealth in 2014, nearly all — 46 percent — belongs to the rest of the richest 20 percent, which means the other 80 percent own just 5.5 percent with an average wealth of USD 3,851 (3,330 euros) per adult, the report added.

Oxfam also urged countries to settle tax evasion, improve public services, and adopt living minimum wages, among other moves, in a bid to ensure a fair distribution of wealth.

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