Oxfam's new report,Wealth: Having it all and wanting more, released in advance of this year's World Economic Forum, shows that unless the current trend of rising inequality is checked, the richest one per cent will have more wealth 99 per cent of humanity by next year.
Global wealth is increasingly being concentrated in the hands of a small wealthy elite. These wealthy individuals have generated and sustained their vast riches through their interests and activities in a few important economic sectors, including finance and pharmaceuticals/healthcare.
Companies from these sectors spend millions of dollars every year on lobbying to create a policy environment that protects and enhances their interests further. Public resources that should be directed to benefit the whole population, rather than reflect the interests of powerful lobbyists.