Richest 1% on track to own two-thirds of the world's wealth by 2030
A study has revealed shocking wealth inequality predictions
The riches 1% of the world's population are set to own tow-thirds of all wealth by 2030, according to a projection from the House of Commons library.
It suggests that if trends seen since the 2008 financial crash were to continue, then the top 1% will hold 64% of the world’s wealth within the next 13 years.
The projection has led to cross-party calls for action, as world leaders are being warned that if this trend of the top 1% accumulating more and more wealth continues, it will fuel anger and distrust of politicians, already at a very high level, unless action is taken to prevent economic inequality growing.
Since 2008, the wealth of the richest 1% has been growing at an average of 6% a year, while the wealth of the remaining 99% of the population has grown at just 3%.
The research was commissioned by Liam Byrne, the former Labour cabinet minister, who said: "
“If we don’t take steps to rewrite the rules of how our economies work, then we condemn ourselves to a future that remains unequal for good.
“That’s morally bad, and economically disastrous, risking a new explosion in instability, corruption and poverty.”
Analysts suggest wealth has become concentrated at the top because of recent income inequality, higher rates of saving among the wealthy, and the accumulation of assets.
Demands for action from the group include improving productivity to ensure wages rise and reform of capital markets to promote greater equality.