Report: World’s Richest 1% Will Own Half the World’s Wealth

By Sahid Fawaz

On January 19th Oxfam released a study warning that the top 1% are on the verge of owning as much as half the wealth of the entire planet.

Winnie Byanyima, Executive Director of Oxfam International, said:

“In the past 12 months we have seen world leaders from President Obama to Christine Lagarde talk more about tackling extreme inequality but we are still waiting for many of them to walk the walk. It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world. Business as usual for the elite isn’t a cost free option – failure to tackle inequality will set the fight against poverty back decades. The poor are hurt twice by rising inequality – they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around.”

None of this surprising given the assault on unions by politicians and corporations, the sending of jobs overseas, and the resistance of the elite to pay their fair share in taxes. And it will only get worse if real change is not accomplished. For more on this development, check out the video below:

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