Richest 1% 'will own half the world's wealth by 2016'

The richest 1% of people are on track to possess more of the world's wealth than the other 99% by next year, according to new research by Oxfam.

A research paper suggests this super elite have seen their share of global assets rise from 44% in 2009 to 48% last year - equivalent to £1.8 million each.

Below the richest fifth, 80% of the world's population own just 5.5% of the world's wealth - an average of £2,500 each.

Oxfam International executive director Winnie Byanyima said: "The scale of global inequality is quite simply staggering and despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast."