A mere 62 people hold wealth equal to half of the world says Oxfam

Oxfam, the international confederation of working worldwide to fight poverty, has said that the richest one per cent of the world's entire population now owns more wealth than the rest of the world combined.

The anti-poverty agency was speaking on the eve of the World Economic Forum (WEF) in Davos, Switzerland.

"Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world's population -- a figure that has fallen from 388 just five years ago," stated the aid group report, which was published ahead of WEF, an annual meeting of the world's financial and political elites.

The report was names "An Economy for the 1 per cent", and also stated that women face excessively effects because of this global financial inequality.

Even amongst these 62 people who are said to be holding as much wealth as the other half of the world, 53 are men and only 9 are women, which means that there is inequality even in the injustice which is prevailing.

"One of the other key trends behind rising inequality sout in Oxfam International's report is the falling share of national income going to workers in almost all developed and most developing countries. The majority of low paid workers around the world are women," added the report.

Even as world leaders have been talking about bridging inequality, the reality is that it’s far from done. In fact, the gap has radically broadened in the past year.

The forum meeting which starts tomorrow and ends on January 23rd would see more than 40 heads of state and government.

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