World's richest one per cent will own more than remaining 99 per cent by 2016

The combined wealth of the world’s richest one per cent will overtake that of the other 99 per cent by next year, according to a new report.

The figures suggest that the richest one per cent have seen their share of global assets rise from 44 per cent in 2009 to 48 per cent last year – with an average of £1.8million each.

Releasing the research paper, charity Oxfam said the world’s economic elite would own 50 per cent of global wealth by next year unless action was taken to curb “shocking extremes” of inequality.

Below the richest fifth, 80 per cent of the world's population own just 5.5 per cent of wealth - an average of £2,500 each.

Oxfam International executive director Winnie Byanyima said: "Do we really want to live in a world where the 1 per cent own more than the rest of us combined? 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.

"In the past 12 months we have seen world leaders from President Obama to Christine Lagarde talk more about tackling extreme inequality but we are still waiting for many of them to walk the walk. It is time our leaders took on the powerful vested interests that stand in the way of a fairer and more prosperous world.

"Business as usual for the elite isn't a cost free option - failure to tackle inequality will set the fight against poverty back decades. The poor are hurt twice by rising inequality - they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around."