The richest 1% of people in the world amassed $42 trillion in new wealth over the past decade, nearly 34 times more than the entire bottom 50% of the worlds population.
The average wealth per person in the top 1% rose by nearly $400 000 in real terms over the last decade compared to just $335, an equivalent increase of less than nine cents a day, for someone in the bottom half.
These astounding figures come from a new Oxfam analysis ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil, last week, where they lay the foundations of a groundbreaking global deal to increase taxes on the super-rich.
Championed by the Brazilian G20 Presidency and backed by countries including South Africa, Spain and France, the proposal came amid growing public demand for measures to rein in extreme levels of inequality and ensure that the rich pay their fair share.
Oxfam on Saturday welcomed the G20 Ministerial Declaration on International Tax Cooperation agreed to in Rio de Janeiro.
