Fewer people are holding a bigger chunk of the wealth in the world according to a new report published by international anti-poverty organization OXFAM with the richest one per cent of people projected to own 50 per cent of assets and investments by 2016. The top fraction owned a mere 48 per cent in 2014. Of those the richest 80 people have seen their collective wealth grow to $1.9 trillion from $1.3 trillion since 2010. The newly attained figure is equal to the amount of wealth owned by the poorest 3.5 billion people in the world.
The largest portion of billionaires in the world made their wealth via investments in finance and insurance sectors with pharmaceutical biotech and health care also serving as extremely lucrative industries. OXFAM detailed nine specific solutions to the problem including the promotion of women’s rights the introduction of a living wage increased taxation of capital gains and inherited wealth and the plugging of tax loopholes.
