Responding to the publication of Credit Suisse’s Global Wealth Report today, which shows that the number of millionaires is rising despite slowed economic growth, Claire Godfrey, global inequality policy lead for Oxfam, said:
“The Credit Suisse report shows that inequality is growing faster than we had thought – Oxfam predicted the richest one percent would own more than the rest of us by 2016. The fact that it has happened this year underlines the urgency of the problem.
“The ‘trickle up’ economic model is working its magic for the super rich at the expense of the rest. This is bad news for global economic growth and bad news for democracy. Our political leaders must take action now to raise the incomes of the poor and maintain the incomes of the middle class.”