Zee Media Bureau
Almost half of the world's wealth is owned by just 1 percent of the world's population, according to a report.
According to the Credit Suisse global wealth report, the bottom half of the global population own less than 1 percent of total wealth with the richest 1 percent owning 48.2 percent of all global assets.
It further added that the top 10 percent alone own 87 percent of all global assets.
A tiny elite comprising the richest 85 individuals hold wealth equivalent to that owned by the bottom half of the world's population, the report by worldwide development organisation Oxfam, titled 'Working For the Few', published ahead of the World Economic Forum meet in Davos had said.
"Wealthy elites have co-opted political power to rig the rules of the economic game, undermining democracy and creating a world where the 85 richest people own the wealth of half of the world's population," Oxfam claimed.
It further added that since the late 1970s, tax rates for the richest have fallen in 29 of the 30 countries for which data are available, meaning that in many places the rich not only get more money but also pay less tax on it.
As per the report, in the last 25 years wealth has become even more concentrated in the hands of fewer people so much so that one percent of the world's families own almost half (46 percent) of the world's wealth.
