The growing world inequality has become even wider with only 62 richest people globally possessing wealth equal to what half the low-income population – around 3.6 billion people – in the world owns, Oxfam says.
The London-based humanitarian organisation called for urgent measures to tackle the ‘crisis of inequality’ in the report released for the annual World Economic Forum meeting in Davos, in Switzerland.
Oxfam asked world leaders to take action against the wealthy benefiting from questionable tax arrangements, something that deprives governments in developing countries of millions of dollars every year that could be used to improve health care and education.
Oxfam added the gap between the rich and the poor has widened dramatically in the last 12 years.
It adds while the number of people living in extreme poverty declined between 1990 and 2010, the average annual income of 10 per cent of people with limited resources has increased less than three dollars per year in the last 25 years.
Oxfam believes measures against tax evasion should be part of the action to combat inequality, along with an increase in investment in public services and an increase in income of low income population.
‘It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich – so few, you could fit them all in a single coach,’ said executive director of Oxfam in the United Kingdom, Mark Goldring.
‘In a world where one in nine people go to bed hungry every night we cannot afford to carry on giving the richest an ever bigger slice of the cake,’ he stressed.
According to Oxfam, the super-rich have some $US7.6 trillion ($A11.12 trillion) in offshore accounts.