London, January 20 (IANS): The richest 85 people in the world control as much wealth as the poorest half of the global population put together, says a study conducted by Oxfam. “It is staggering that in the 21st Century, half of the world’s population - that’s three and a half billion people - own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus,” Oxfam executive director Winnie Byanyima stated. Oxfam said that those richest 85 people across the globe share a combined wealth of about one trillion pounds and that this is no accident as growing inequality has been driven by a “power grab” by wealthy elites. The development charity added that the wealth of the one percent richest people in the world amounts to 60.88 trillion pounds, or 65 times as much as the poorest half of the world. Oxfam fears that this concentration of economic resources is threatening political stability and driving up social tensions. “Widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table,” Byanyima was quoted as saying.
