The combined wealth of the richest 1 per cent will overtake that of the other 99 per cent of people next year unless the current trend of rising inequality is checked, Oxfam warned ahead of the annual World Economic Forum meeting in Davos.
[Read more…] about Richest 1% will own more than all the rest by 2016
Global wealth is increasingly being concentrated in the hands of a small wealthy elite. These wealthy individuals have generated and sustained their vast riches through their interests and activities in a few important economic sectors, including finance and pharmaceuticals/healthcare. Companies from these sectors spend millions of dollars every year on lobbying to create a policy environment that protects and enhances their interests further. The most prolific lobbying activities in the US are on budget and tax issues; public resources that should be directed to benefit the whole population, rather than reflect the interests of powerful lobbyists.
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