The richest 1 percent have more wealth than the bottom 95 percent of the world’s population put together, new Oxfam analysis of UBS data reveals today ahead of the annual UN High-Level General Debate.
Multilateral efforts are failing to adequately respond to critical global challenges, including the climate crisis and persistent poverty and inequality. While some have blamed the deadlock solely on rising geopolitical tensions between powerful countries, such a focus is incomplete. Rather, a key reason for failures of international cooperation is extreme economic inequality. Today, the world’s richest 1% own more wealth than 95% of humanity.