The world's richest 62 people now own as much wealth as half of the world's population, according to a report by the charity Oxfam.
Super-rich individuals saw an increase of 44 percent since 2010, taking their cumulative wealth to $1.76 trillion - equivalent to the total owned by 3.5 billion of the world's poorest people.
The UK-based charity on Monday also said tax havens were helping corporations and individuals stash away about $7.6 trillion, depriving governments of $190bn in tax revenue every year.
Speaking to Al Jazeera, Oxfam Australia's Chief Executive Helen Szoke said there were no appropriate mechanisms to check if wealth was being shared appropriately.
"We believe there is a need for commitments from global business leaders and political leaders for major tax reform to get rid of the tax havens," Szoke said.
"There's too much leakage of what should be paid in taxation exacerbating this gap [between rich and poor]."
Referring to economic growth in Western countries, such as her native Australia, Szoke said little wealth was reaching the impoverished.
"The startling figure in our domestic context in Australia is that where there has been wealth generation in the last decade, none of that has actually trickled down to some of the Australians who are poor."
Lack of action
Oxfam said wealth is being concentrated in the hands of increasingly fewer people, while the world's poorest continue to get poorer. In 2010, 388 people owned as much as the world's poorest 50 percent.
Mark Goldring, Oxfam chief executive in the United Kingdom, said the stated concern of world leaders over escalating inequality was not being matched with action.
"It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich, so few you could fit them all on a single coach.
"In a world where one-in-nine people go to bed hungry every night, we cannot afford to carry on giving the richest an ever-bigger slice of the cake," Goldring said.
The organisation is calling on world leaders meeting for the World Economic Forum in the Swiss city of Davos later this month to crackdown on tax havens, ensure fair wages, and invest in public services.
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I love this article, because it's such an eye opening piece of news. Through everyday, we are so busy to notice such things, especially for those, like me, in the middle class. But in reality, it has come to a point where three hundred eighty eight people own just as much as the rest of the billions of people living in this Earth. That is insane! The article clearly shows the bias against this "1%" of higher class, especially through it's last paragraph, named "Lack of Action." I agree to an extent through the author's point against them, stating that "It is simple unacceptable that the poorest half of the world owns no more than a small group of people." However, to take to the extreme that the article asks for, is a bit far too much I believe. There is a problem with the rich getting far more richer, and the poorer getting more poor, however the rich have worked hard, and in some ways deserve the rich. However, I think the idea to crackdown on tax havens is a smart, and wise decision. The rich having little to zero taxes is ludicrous. The words of the final sentence ring heavily, when he states "In a world where one in nine people go to bed hungry every night, we cannot afford to carry on giving the richest an ever bigger slice of the cake."
Aljazeera. "62 Mega Rich." Aljazeera News. Aljazeera, 18 Jan. 2016. Web. 25 Jan. 2016. <http://www.aljazeera.com/news/2016/01/super-rich-62-people-world-160118033855025.html>.
Aljazeera. "62 Mega Rich." Aljazeera News. Aljazeera, 18 Jan. 2016. Web. 25 Jan. 2016. <http://www.aljazeera.com/news/2016/01/super-rich-62-people-world-160118033855025.html>.
