Richest 1% to Own Two-Third of World's Wealth by 2030: Report

A shocking analysis by UK House of Commons library pointed out that with the ongoing trend of the staggering wealth gap between the rich and the poor, the world’s richest 1 percent will control nearly two-thirds of the world’s wealth by 2030. 

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The alarming projection stated if the trend following the 2008 financial crash continues, then the top 1 percent will hold 64 percent of the world’s wealth by 2030. 

According to the analysis, since the 2008 financial crash, the richest 1 percent have seen their wealth grow at an average of 6 percent a year, compared to the 3 percent growth in wealth of the remaining 99 percent of the world’s population, and if this continues, the top 1 percent will hold wealth equal to US$305 trillion up from the current US$140 trillion.  

New polling by Opinium also suggested that voters perceived the wealthy influencing elections as a major problem, with 34 percent of the group surveyed percieving the super-rich to be the most powerful in 2030, and 28 percent of the people showing faith in national governments. 

The same survey also showed nearly 41 percent of the people fearing a rise in levels of corruption as one of the consequences of wealth inequality along with 43 percent believing the "super-rich enjoying unfair influence on government policy." 

The research was commissioned by the former Labour cabinet minister, Liam Byrne, along with a group of MPs, academics, business leaders, trade unions and civil society leaders, focused on the disparity issue.   

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A January Oxfam report also shed light on the glaring chasm between the ultra-rich and the rest of the world, as nearly 82 percent of the global wealth generated in 2017 had gone to the one percent of the population, while the bottom 50 percent saw no increase in their income at all. 

Only 42 people own the same amount of wealth as the poorest 50 percent worldwide, the report claimed. Mark Goldring, chief executive of Oxfam GB, said the statistics signal "something is very wrong with the global economy," CNBC reported.

"The concentration of extreme wealth at the top is not a sign of a thriving economy but a symptom of a system that is failing the millions of hard-working people on poverty wages who make our clothes and grow our food," Goldring said. 

Nearly two-thirds of the "billionaire wealth" is "product of inheritance, monopoly, and cronyism."

"Over the next 20 years, 500 of the world’s richest people will hand over US$2.4 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people," the Oxfam report stated.