More than two-thirds of the world’s entire wealth will be owned by the richest 1% of people by 2030, new research warns.
The shocking findings of the new report produced by the UK’s House of Commons Library claims that if trends which began after the 2008 financial crisis continue, the 1% will control 64% of world’s money in just 12 years’ time.
The widening gap between the 1% and everyone else was first highlighted by the Occupy Wall Street movement, which started in 2011 and famously used the slogan: “We are the 99%.”
The study claims that the wealth of the richest one percent grows at six percent annually, outstripping the three percent annual growth of everyone else, causing a continual movement of money to the top.
Polling that accompanies the study indicated that the majority of people are unhappy about wealth inequality. Thirty-four percent said that the super-rich would have the most power in 2030, more even than governments (28 percent).
More than four in ten of those polled also said they worried that rising income inequality would lead to corruption or the “super-rich enjoying unfair influence on government policy”.
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