WASHINGTON, Jan. 19 (UPI) -- The wealthiest one percent of the world will own more than 50 percent of global wealth by 2016, according to a report by Oxfam.
In the report titled "Wealth: Having It All and Wanting More," Oxfam said the richest 1 percent increased their wealth from 44 percent in 2009 to 48 percent in 2014, "leaving just 52% to be shared between the other 99% of adults on the planet."
The trend would make the richest 1 percent own 54 percent of global wealth by 2020.
"Global wealth is increasingly concentrated in the hands of a small wealthy elite," according to the report. "These wealthy individuals have generated and sustained their vast riches through their interests and activities in a few important economic sectors, including finance and insurance, and pharmaceuticals and healthcare."
The richest 80 people in the world increased their wealth by about 50 percent between 2010 to 2014, from $1.3 trillion to 1.9 trillion.
"The wealth of these 80 individuals is now the same as that owned by the bottom 50% of the global population," the report states. "3.5 billion people share between them the same amount of wealth as that of these extremely wealthy 80 people."
There were 1,645 billionaires worldwide in 2014 according to Forbes. About 90 percent of them are male and 85 percent are at least 50 years old.
"Almost 30 percent of them (492 people) are citizens of the USA," according to the report. "Over one-third of billionaires started from a position of wealth, with 34% of them having inherited some or all of their riches."
Rising #inequality & climate change are defining challenges of our time. You can help: http://t.co/ONSAl4jeRJ #wef15 pic.twitter.com/B4ee6BVYvf
— Oxfam International (@Oxfam) January 16, 2015Federal budget and tax lobbying compounds the problem of income inequality and undermines public interests by taking away funds to deliver public services, according to Oxfam.
"In the US, the two issues which most lobbying is reported against are the federal budget and appropriations and taxes," the report states. "These are the public's resources, which companies are aiming to directly influence for their own benefit."
There were 3,219 lobbying cases for federal budget and appropriations and 1,951 cases for taxes in 2013 -- both higher than the combined average of 1,451 of lobbying cases for health issues, transportation, defense and energy and nuclear power.
Oxfam launched a campaign called "Even It Up" to encourage corporations, institutions and governments to address income inequality by promoting ideals such as living wages, free public services and economic equality for women, among others.
