… More Than Everyone Else in 2016!
By Ken Hare
Chicago Defender Staff Writer
In January 2015, the Oxfam International issued its annual report on global poverty and its findings are startling. According to their report, the global elite, known as the 1%, will own half of the world’s wealth in 2016 overtaking that of the other 99 percent of people unless the current trend of rising inequality is checked, Oxfam warned.
An international confederation of 17 organizations, Oxfam and its partner organizations work with local communities in more than 90 countries. One in three people in the world lives in poverty according to Oxfam. Around the globe, Oxfam works to find practical, innovative ways for people to lift themselves out of poverty and thrive.
The international agency, whose executive director Winnie Byanyima, sounded the alarm that the explosion in inequality is holding back the fight against global poverty at a time when 1 in 9 people do not have enough to eat and more than a billion people still live on less than $1.25-a-day.
In one of its reports on global inequity in 2014, the richest 1% of people in the world owned 48% of global wealth, leaving just 52% to be shared between the other 99% of adults on the planet. Almost all of that 52% is owned by those included in the richest 20%, leaving just 5.5% for the remaining 80% of people in the world. If this trend continues of an increasing wealth share to the richest, the top 1% will have more wealth than the remaining 99% of people in just two years, as shown with the wealth share of the top 1% exceeding 50% by 2016.
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Check out the full report here: https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/ib-wealth-having-all-wanting-more-190115-en.pdf