Richest 62 people on the planet 'own as much as half the world's population'

Growing inequality means that the world's wealthiest 62 people own as much as the poorest half of the planet's population, according to a new report from Oxfam.

The richest one per cent now own as much as everyone else put together, according to the report which was published ahead of the annual World Economic Forum in Swiss ski resort Davos.

The report found the gap between rich and poor had widened "dramatically" over the past 12 months.

Oxfam said urgent action was needed to tackle the "inequality crisis" and called on world leaders - including Prime Minister David Cameron - to take action to crack down on tax-dodging by the rich, which denies governments in the developing world billions of pounds a year.

Mr Cameron promised in a speech in Davos three years ago to get tough on avoidance, warning corporate tax-dodgers to "wake up and smell the coffee".

Oxfam said it should be a priority to end the era of tax havens and allowing governments to collect tax owed is "vital" to meeting the new international development goal of eliminating extreme poverty by 2030.

Oxfam GB chief executive Mark Goldring said: "It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich - so few, you could fit them all on a single coach.

"Tackling the veil of secrecy surrounding the UK's network of tax havens would be a big step towards ending extreme inequality. Three years after he made his promise to make tax dodgers 'wake up and smell the coffee', it is time for David Cameron to deliver."