Wealth inequality grows: 62 people own as much as half the world's population

New Delhi: Wealth inequality has grown to a level, where 62 people now own as much wealth as half the world's population, international charity Oxfam said early Monday in London.

Oxfam’s claim is based on a research, which shows that the wealth of the poorest half of the world’s population – 3.6 million people – has fallen by 41 per cent, or a trillion US dollars; however, the wealth of the richest 62 people on the planet has increased by more than half a trillion dollars to $1.76 trillion, since 2010.

The research was released on the eve of the World Economic Forum’s annual meeting in Davos, Switzerland.

This growing inequality poses a threat to economic expansion and social cohesion around the globe, alerted Oxfam.

Oxfam GB chief executive Mark Goldring said a crackdown on global tax havens was a necessary step towards ending the rampant global inequality.

A recent report by Organisation for Economic Co-operation and Development claimed that Most of the world's poorest no longer live in the poorest countries, but in middle-income countries like India.

News24 Bureau