Oxfam says richest one percent to own more than rest by 2016

PARIS: Wealth accumulated by the richest 1 percent will exceed that of the other 99 percent in 2016, the Oxfam charity said on Monday, ahead of the annual meeting of the world’s most powerful at Davos, Switzerland.

“The scale of global inequality is quite simply staggering and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast,” Oxfam executive director Winnie Byanyima said.