As the business and political elite met at the World Economic Forum in Davos this week, there was much talk of rising inequality, and many references to the “wealthiest 1%”. The phrase conjures up images of billionaires living on private islands – but is that who the 1% really are?
A report by the charity Oxfam released to coincide with the Davos gathering caused a stir by predicting that the wealthiest 1% will soon own more than the rest of the world’s population.
It drew on research from the bank Credit Suisse, which estimated total global household wealth in 2014 at $263tn (£175tn).
That’s wealth, not income. It is calculated as assets minus debt.