A new report by Oxfam underscores the fact that income inequality is continuing to rise to dangerous levels. The report, titled Wealth: Having It All and Wanting More, estimates that the combined wealth of the richest one percent will exceed that of the 99 percent next year unless actions are taken to curb inequality.
According to the report, the wealthy few increased their global wealth from 44 percent in 2009 to 48 percent in 2014. Based on this trend, the combined wealth of the richest one percent is expected to be more than 50 percent in 2016. The report also notes that just 80 of the wealthiest people in the world possess a combined wealth of $1.9 trillion, which is nearly the same amount shared by 3.5 billion people, or the poorest 50 percent of the global population.
Thirty-five of the 80 richest people in the world are Americans, and the top 10 ten richest people in the world include Christy and Jim Walton, heirs to the Walmart empire.