The richest 1 percent reportedly are on track to control two-thirds of the world’s wealth by 2030.
World leaders are urged to act as anger over inequality reaches a “tipping point,” according to a report by the U.K.-based House of Commons Library.
The “continued accumulation of wealth at the top will fuel growing distrust and anger over the coming decade unless action is taken to restore the balance,” the UK Guardian reported.
Based on 6 percent annual growth in wealth, the world’s richest one percent would hold assets worth approximately $305 trillion, up from $140 trillion today, and control nearly 66% of world’s money by 2030, the UK Guardian reported.
The lastest UK report falls in line with a similar report issued earlier this year.
The world's richest one percent raked in 82 percent of the wealth created last year while the poorest half of the population received none, Oxfam said earlier this year, AFP reported.
A new report from the charity also found that the wealth of billionaires has grown six times faster than that of ordinary workers since 2010, with another billionaire minted every two days between March 2016 and March 2017.
Oxfam used its findings to paint a picture of a global economy in which the wealthy few amass ever-greater fortunes while hundreds of millions of people are "struggling to survive on poverty pay".
"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," Oxfam executive director Winnie Byanyima said in a statement.
(Newsmax wire services contributed to this report).
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