The wealthiest 1% will soon own more than the rest of the world’s population, according to a study by anti-poverty charity Oxfam.
The charity’s research shows that the share of the world’s wealth owned by the richest 1% increased from 44% in 2009 to 48% last year.
On current trends, Oxfam says it expects the wealthiest 1% to own more than 50% of the world’s wealth by 2016.
The research coincides with the start of the World Economic Forum in Davos.
The annual gathering attracts top political and business leaders from around the world.
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By Sakib Sherani
INEQUALITY is rising in Pakistan — in all its unsavoury dimensions. While we may have had a less-unequal society, in relative terms, for much of our existence, that sliver of solace is fast disappearing. The more worrying aspect is that inequality is no longer ‘cyclical (if it ever was) — that is, relating to income disparities arising out of a slowing economy and fewer jobs.
It has institutional as well as structural roots that the elite have been very comfortable with perpetuating, most shamelessly via a duality of education systems — one, near-world class for their own children, the other, a shambolic excuse for a minimal fulfilling of the state’s responsibility (and failing at that too). Hence, through a variety of channels and means, both wittingly as well as unwittingly, a large swathe of Pakistan faces permanent exclusion from economic, social as well as political voice and opportunity.
The statistic that most captures the public imagination with regard to inequality relates to income disparity. On this front, the share of income of the bottom 20pc of the households is around 8pc, while that of the top 20pc households is almost six times larger, at 45pc. Over the past 10 years or so, incomes of the top 20pc households have grown faster than for the others.
Continue reading Economic apartheid
By Jamie Doward and Taytula Burke
Special report: More than four decades ago a groundbreaking report, Born to Fail?, highlighted the extent of child poverty in Britain. Since then, despite the pledges of successive governments, things have only got worse. Where now for the next generation?
Read more » The Guardian