According to the latest report by the charity group, Oxfam, by next year, the income gap and inequality will grow even more acute, making the top 1% richest people in the world controlling more wealth than the rest of the world. Already in 2014, the top 1% of the super rich controlled 48% of the world’s income. In contrast, the bottom 80% of the world’s population controlled only 5.5% of the world’s wealth.
The charity group further pointed out that 1 in 9 people on this planet do not have enough to eat and more than 1 billion people still live on less than $1.25 per day.
“Oxfam’s report is just the latest evidence that inequality has reached shocking extremes, and continues to grow. It is time for the global leaders of modern capitalism, in addition to our politicians, to work to change the system to make it more inclusive, more equitable and more sustainable,” said Oxfam International executive director Winnie Byanyima.
The income inequality is expected to grow more acute year after year due to the global economic structural system.