The Elite Own More Than the Rest of the World

Although he has not done so in more recent times, Pastor Lindsey Williams had previously for a number of years gone on various Internet talks shows claiming that “there is a group of people on the face of the earth who control the world”. He referred to these people as “The Elite”.

Many people were quick to dismiss his claims. However, according to a study by anti-poverty charity Oxfam that was recently publicised, the richest 1% of people on earth is expected to own more than the remaining 99%, by the end of this year.

The inequality in wealth is “simply staggering”, noted Winnie Byanyima, Executive Director of Oxfam International. Ms Byanyima added that “the gap between the richest and the rest is widening fast”.

Citing statistics from Oxfam, The Guardian highlighted that the wealth of the poorest 50% dropped by 41% between 2010 and 2015, despite an increase in the global population of 400 million. In the same period, the wealth of the richest 62 people increased by $500 billion to $1.76 trillion.

Also, according to the charity, in 2010, the 388 richest people owned the same wealth as the poorest 50%. This dropped to 80 in 2014, before falling again in 2015 – suggesting that wealth is being concentrated in the hands of a very minority of people.