Governments must step up battle against the scourge of inequality

IT is now well and long established that rising inequality is one of the scourges of our time. But even the most ardent champions of greater egalitarianism might be shocked by the latest estimates of the dimensions of the problem.

On Monday, one of world's most respected non-governmental organisations (NGOs), Oxfam, revealed in a new report that in 2016, the combined wealth of the richest one per cent of the world's population will overtake that of the remaining 99 per cent.

The report reveals that the richest one per cent saw their share of global wealth rise from 44 per cent in 2009 to 48 per cent in 2014. This year, it is expected to cross 50 per cent. Moreover, nearly all of the world's wealth is concentrated in the top 20 per cent; the remainder (which includes hundreds of millions of the so-called middle class), share just 5.5 …