The World Economic Forum (WEF) meeting is occurring in Davos, Switzerland and there is one issue that is being presented as one of the largest challenges that has to be faced in the coming years.  Income inequality around the world is rising and experts say that it is going to become an explosive issue as time goes on.

Oxfam recently released an article that puts into startling perspective how significant an issue income inequality is becoming. Oxfam found that the 85 richest people on the globe have as much collective wealth as the poorest half of the world.  This is a staggering statistic. Oxfam goes on to point out that the richest one percent of the world holds an accrued wealth of $110 trillion dollars, while the 3.5 billion poorest people in the world posses roughly the same amount.

Oxfam’s report also pointed out that in the United States, the wealthiest one percent captured 95 percent of post financial crisis growth since 2009, while the bottom 90 percent have become poorer. The report goes on to point out how the wealthy have taken advantage of their wealth and created tax havens and other political means to ensure their wealth remains unaffected.

The Huffington Post released a report in which it found that the U.S. has the worst income inequality in the world. It cited the tax code as a huge reason  for the massive income inequality bracket in the U.S. The report also highlighted Wall Street as a reason for the U.S. having the world largest income inequality range. “The same politicians that have busily been slashing taxes on the wealthy have also been loosening fetters on banking, allowing the financial sector to swell to bloated size and mop up ever-more income while contributing ever-less back to the economy.”

Oxfam’s Executive Director, Winnie Byanyima, issued a statement saying, “Widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table.” She went on to say that with the WEF having income inequality as a hot button issue, the attendees will work personally to make sure that they are not taking advantage of various tax breaks and things of that nature as well.

The WEF is a amazing opportunity for many of the world leading figures to come together and begin to try and sort out many of the issues that plague our society.

– Arthur Fuller

Sources: Business Insider, Huffington Post, Huffington Post, Oxfam
Photo: WTW