By Jonathan Davies

The richest 1% will soon own more of the collective wealth than the other 99%, Oxfam has claimed.

At the current rate of growth, the charity said the richest 1% will own more than 50% of the world's wealth in 2016.

In 2009, the richest 1% owned around 44% of global wealth. That figure grew to 48% last year.

Oxfam said that the 46% of the remaining 52% was owned by the richest 20%. The rest of the global population accounted for just 5.5% of wealth, with the average adult owning roughly £2,544.

Winnie Byanyima, executive director of Oxfam International, 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."

The report comes ahead of the World Economic Forum in Davos, where the world's biggest economic issues are to be discussed amongst world leaders and economic experts.

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