The study (full report) found that the wealth of the word's 1 percent richest people is about $115 trillion, 46 percent of global wealth and about 65 times the wealth of the poorest half of the world's people.
According to the report (summary - PDF), last year, about 210 people joined the exclusive club of the word's super-rich, consisting of about 1,426 billionaires with a combined net worth of $5.4 trillion.
The study, which highlights the risks of the widening gap between the super-rich and poor, titled "Working for the Few" was released Monday by Oxfam.
It raises alarm that increasing global economic inequality is a major factor driving social and political tension and the greatest threat to global political stability.
Oxfam is an international organization working to alleviate poverty and all forms of economic injustice worldwide.
Oxfam's campaign calls on the "global elite," including political and business leaders to address the threat of growing global wealth inequality.
But it remains to be seen what impact Oxfam's detailed report about the growing crisis of global income inequality will have on the world's elite meeting this week at the exclusive ski resort in Davos for the World Economic Forum, where participants will discuss the state of the world's economy for four days.
According to Winnie Byanyima, Oxfam executive director, who will also attend the meeting: "It is staggering that in the 21st century, half of the world's population — that's three and a half billion people — own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus."
Oxfam made it clear in its report that the fight against poverty will not be won until the problem of wealth inequality is addressed.
Byanyima said: "Widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table."
Oxfam’s recommendations to alleviate wealth inequality includes blocking means through which the rich dodge taxes, use their wealth to gain political favors and undermine due democratic process.
The report recommends progressive taxation, increased transparency, greater public spending on universal healthcare, education, social safety net and improved living wages.
A poll conducted by Oxfam found that people in several countries — including the US, Netherlands, Britain, Spain, Brazil, India and South Africa — believe that the rich wield excessive influence over public policy.
According to the poll, 67 percent of people in the UK agreed with the statement that the "rich have too much influence over where the country is headed," 37 percent said they "agreed strongly," 10 percent "disagreed," while 2 percent "disagreed strongly."
According to Byanyima:
In developed and developing countries alike we are increasingly living in a world where the lowest tax rates, the best health and education and the opportunity to influence are being given not just to the rich but also to their children.
Without a concerted effort to tackle inequality, the cascade of privilege and of disadvantage will continue down the generations.
Oxfam argues that the world arrived at the present state through a process of "power grab" in which the wealthy take advantage of access to political power to promote legislation that favor them economically.
The rich use their wealth and political influence to monopolize opportunities at the expense of the poor. They have used access to political power to promote economic policies which favor them, including financial deregulation, tax havens and cuts to public spending.
The study said that since the 1970s, taxes for the rich have fallen in 29 out of 30 countries where data is available.
"Instead of moving forward together, people are increasingly separated by economic and political power, inevitably heightening social tensions and increasing the risk of societal breakdown," the study concluded.
Adopting India for case study, Oxfam said that the number of Indian billionaires increased from less than 6 to 61 in the last 10 years, resulting in less than a few dozen Indians controlling the bulk of wealth in a country with a population of 1.2 billion.
"What is striking is the share of the country's wealth held by this elite minority, which has skyrocketed from 1.8 percent in 2003 to 26 percent in 2008," the study observed.
Oxfam noted that most of the Indian billionaires became rich not through wealth creation but in "rent sectors" where access to government patronage provides easy money-making opportunities.
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