Wealth of 1% grew by trillions over past decade: Oxfam [Video]

The last decade has been very lucrative for the world’s super-rich residents, fuelling the drive by some advocates to tax them more.

The top 1 per cent has seen its wealth soar by US$42 trillion over the past decade, according to a new analysis by Oxfam International, which is being released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil. That’s nearly 34 times more than the bottom 50 per cent of global population.

The average net worth of the elite jumped by nearly US$400,000 per person, after adjusting for inflation, compared to US$335 for the bottom half of residents.

“Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects,” said Max Lawson, Oxfam International’s head of inequality policy. “The richest one percent of humanity continues to fill their pockets while the rest are left to …