Richest 85 have same as the 3.5bn poorest

Global inequality has risen to the extent that the £1tn (€1.21tn) combined wealth of the 85 richest people is equal to that of the poorest 3.5bn — half of the world’s population — according to a report from development charity Oxfam.

Working for the Few, claims growing inequality has been driven by a “power grab” by wealthy elites, who have co-opted the political process to rig the rules of the economic system in their favour.

Oxfam called on attendees at this week’s World Economic Forum — which brings together politicians and business leaders in the Swiss ski resort of Davos — to take a personal pledge to tackle the problem by refraining from dodging taxes or using their wealth to seek political favours.