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.
I – Word Understanding
trend – something that has become currently common
coincide – happens at the same time (with something else)
II – Have Your Say
1. It said that that comparison had now become even more stark, with the 80 richest people having the same wealth as the poorest 50% (3.5 billion). What can governments do to tackle inequality?
– clampdown tax evasion
– higher tax for the rich
– living wage for all workers
2. Becoming rich is a combination of luck, skill, and patience. What do you do to become rich?
3. They say that rich people think differently. What is it that separates the rich from us?