The richest one per cent of people globally are poised to own more than half of all wealth by next year, says a report by Oxfam. The report shows the share of wealth owned by the richest one per cent has increased from 44 per cent six years ago in 2009 to 48 per cent last year. And the uneven distribution doesn’t just spike at the very end. While the top 20 per cent are still doing well for themselves, the poorest 80 per cent own just 5.5 per cent of the world’s wealth, says the report. Although people tend to assume the cut-off to be included in the one per cent would be a gargantuan amount of money, the reality is quite different. The average wealth of the ‘one percenters’ is $2.7 million. The group says a few simple policies could help tip the scales back towards a more equitable solution. They include investing in universal healthcare and education for everyone, ensuring global standards for child and elder care, and closing the wage gap between men and women.
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