There is a sobering new report from Oxfam about income inequality worldwide. Some lowlights:
- The richest 1 percent of the world's population currently controls 48 percent of the world's total wealth.
- If trends continue, Oxfam predicts that the most affluent will possess more wealth than the remaining 99 percent by 2016.
- The 80 wealthiest people in the world possess $1.9 trillion, which is almost the same amount shared by some 3.5 billion people at the bottom half of the world's income scale.
- Thirty-five of the lucky 80 were Americans with a combined wealth of $941 billion. Germany and Russia shared second place, with seven uber-rich individuals apiece.
As bad as things are for the 99 percent here in America, there is one statistic that is perhaps the most shocking and damning of all.
More than 1 billion people worldwide live on less than $1.25 a day.