By 2016, 1% to own half of world's wealth: Oxfam

London

MORE than half the world's wealth will be owned by just one per cent of the population by next year as global inequality soars, anti-poverty charity Oxfam said on Monday. In a report released ahead of this week's annual meeting of the international elite at Davos in Switzerland, Oxfam said that the top tier had seen their share of wealth increase from 44 per cent in 2009 to 48 per cent in 2014.

On current trends, it will exceed 50 per cent in 2016.