Stock-Market-Trends

Richest 1% to Own More than Rest by 2016

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Wealth accumulated by the richest one percent will exceed that of the other 99% in 2016, the Oxfam charity said Monday, ahead of the annual meeting of the world's most powerful at Davos, Switzerland.

"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.

The richest one percent's share of global wealth increased from 44% in 2009 to 48% in 2014, the British charity said in a report, adding that it will be more that 50% in 2016.

The average wealth per adult in this group is $2.7 million (2.3 million euros), Oxfam said.

Read more on the richest 1% on IndustryWeek.

IndustryWeek is an NED companion site within Penton's Manufacturing & Supply Chain Group.

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