According to the UK-based NGO, the world has 1,426 billionaires and counting. The net assets owned by the richest 1 percent of the world’s population has reached US$110 trillion, 65 times the value of assets owned by the poorest 50 percent. Notably, the 85 richest people on earth own assets equivalent to those of the 3.5 billion poorest people in the world. It is true that the rich become richer and the poor, poorer.
Some recent reports from notable organisations have rung alarm bells on economic inequality and its consequences. Analysts have highlighted that a high concentration of economic resources in the hands of a small number of people poses a dangerous threat to political and economic systems. An increasing gap in economic power leads inevitably to social tensions and a higher risk of social divisions.
With the issue of income inequality included in the WEF agenda for the first time this year, it is hoped that the more than 2,500 delegates from nearly 100 countries and territories will discuss proper steps to narrow the gap of economic inequality while contributing to the sustainable growth of the global economy.
