The Richest 1% will control two-thirds of all the worlds’ wealth by 2030

By the year 2030, two-thirds of the world economy will be controlled bythe World’s richest people who comprise of just 1% of the population. World leaders have been warned that the if the current accumulation of wealth by a few individuals continue then it will fuel distrust and anger in the coming decade if the balance is not restored in time.

A projection has shown that if the trends been seeing since the financial crisis of 2008 continue then the 1% richest people in the world will be controlling about 64% of the world's wealth before 2030. This would mean that even if there was another financial crisis, the elites would still be controlling more than half of the total world’s wealth.

It was estimated that since the 2008 financial crisis the wealth of the 1% has been growing at a rate of 1% each year which is more than double the rate of the other 99% of the people which is growing at a rate of 3%. The report further says that the wealth has been accumulated among a few rich individuals because of income inequality, asset accumulation and higher rates of savings among the rich.

A report compiled by Opinium suggested that people believe that by 2030 most power will be with the super-rich which other believed that national governments will still have a say. According to Michael Sheen who is an actor: “If we do not review how our economies work then, we will have a future that will never be equal for good. This will be a disaster for the economy; it will be also morally bad. More to that the cases of corruption will increase and also-also the poverty rate will also go up.”

Accumulation of wealth should not be in a few hands. Governments should ensure that all the citizens are equal to ensure equal economic growth.

x