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Dublin: 12°C Tuesday 17 May 2022

The top 1% could soon own more than HALF of global wealth

But how can this be reversed?

Image: rich man via Shutterstock

THE TAOISEACH is being called on to help tackle global inequality at this week’s World Economic Forum as a report warns that 1% of the world’s population is on track to controlling more than half of global wealth.

Among the measures suggested include the introduction of a living wage.

New research from Oxfam shows the richest 1% currently owns as much as 48% of global wealth, and increase of 4% since 2009.

The agency notes that the majority of the remaining 52% is owned by 20% of the population.

‘At this rate the richest 1% will own more than half of global wealth in 2016’, the report reads.

It also claims that “between March 2013 and March 2014, the number of billionaires in the EU with activities and interests in the financial sector collectively increased their wealth by €29bn”.

Oxfam chief executive Jim Clarken is calling on the Taoiseach to use his trip to Davos to ensure ‘concrete discussion’ takes place with the aim to alleviating inequality.

Measures suggested include clamping down on tax dodging, investment in public services, introducing a living wage, and shifting the tax burden away from ‘labour and consumption towards capital and wealth.

“2015 presents a historic opportunity for world leaders to set a roadmap to eradicate extreme poverty and improve prospects for all citizens with the clock ticking for major decisions on the new UN development goals later this year,” Clarken.

If we get it right, this generation can solve one of the major global challenges of our time and help people escape the stranglehold which keeps them in poverty.

Read: The number of billionaires in the world doubled during the global crisis >

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Nicky Ryan

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