The document summarizes key findings from an Oxfam report on global wealth inequality. It finds that by 2016, the top 1% will own more wealth than the rest of the world combined. It also finds that 80 individuals now have the same amount of wealth as the bottom half of the world's population. Additionally, it reports that the financial and insurance sectors spent $550 million on lobbying in Washington and Brussels in 2013 to influence tax and budget policies.

1. Author: Deborah Hardoon, Senior Researcher, Oxfam
Link to paper
http://policy-practice.oxfam.org.uk/publications/wealth-having-it-all-and-wanting-more-338125
OXFAM RESEARCH: Methodology and data sources January 2015

2. There were two main external data sources used for this analysis:
1 Credit Suisse Global Wealth Databook 2014
https://www.credit-suisse.com/uk/en/news-and-expertise/research/credit-suisse-research-
institute/publications.html
Data was extracted from the 2014 report and a STATA file which included revised
calculations for global wealth and wealth shares dating back to 2000.
2 Forbes billionaires 2002–2014
http://www.forbes.com/billionaires/
Data was extracted from the Forbes billionaires list as of March each year, from
2002 to 2014.

3. • By 2016, the top 1% of people in the world will have more wealth than the bottom
99%.
• 80 people now have the same wealth as the bottom half of the world’s population,
down from 388 in 2010.
• 20% of the Forbes billionaires are listed as having interests or activities relating to
the financial and insurance sectors.
• Billionaires with interests and activities in the pharmaceutical sector saw the
largest percentage increase in their wealth 2013–2014
• During 2013, companies from the financial and insurance sectors spent $550m on
lobbying policy makers in Washington and Brussels alone.
• The most prolific lobbying activities in the US are on budget and tax issues

4. BY 2016 THE TOP 1% WILL HAVE MORE WEALTH
THAN THE REST OF THE WORLD COMBINED
The concept: We know that the top 1% have a huge amount of wealth, but is this
amount increasing, and what does this suggest for the future?
Data sources: Credit Suisse Global Wealth Databook (2000–2014)
40
42
44
46
48
50
52
54
56
58
%Shareglobalwealth
Share of global wealth of the top 1% and bottom 99%
respectively
Bottom 99%
Top 1%

5. BY 2016 THE TOP 1% WILL HAVE MORE WEALTH
THAN THE REST OF US COMBINED
The results:
40
42
44
46
48
50
52
54
56
58
%Shareglobalwealth
Share of global wealth of the top 1% and bottom 99% respectively;
dashed line projects the 2010–2014 trend
Top 1%
Bottom 99%

6. BY 2016 THE TOP 1% WILL HAVE MORE WEALTH
THAN THE REST OF THE WORLD COMBINED
What does this tell us?
• The last few years have set us on a worrying trend.
• Since the end of the financial crisis, many people have struggled to regain
jobs and to manage under austerity packages. In contrast, the richest appear
to be increasing their wealth during this period, capitalizing on the increase in
asset values that only they have access to.
• There is an urgent need to halt and reverse this trend. There are already
extremely high levels of wealth inequality; let’s not let it get any worse.

7. BY 2016 THE TOP 1% WILL HAVE MORE WEALTH
THAN THE REST OF US COMBINED
The critique: ‘Why extrapolate only from 2010? Wealth inequality was higher in 2000.’
• The wealth share of the 1% has been extremely high for the last decade: worryingly
high levels in their own right.
• 2008/2009 marks a clear inflection point, following a real economic shock to the global
economy. After this point, we can identify a clear upward tick; our projection warns what
will happen in the next few years, if the trend continues.
40
42
44
46
48
50
52
54
56
58
%Shareglobalwealth
Share of global wealth of the top 1% and bottom 99%
respectively
Bottom 99%
Top 1%

8. 80 PEOPLE NOW HAVE THE SAME WEALTH AS
THE BOTTOM 50%
The concept: In 2014 in Davos, Oxfam’s paper ‘Working for the Few’ and
the famous 85 stat went viral. Now let’s look at extreme wealth inequality
over time ...
Data sources:
• Credit Suisse Global Wealth Databook (2000–2014)
• Forbes list of billionaires (2000–2014)
Calculation:
1
(%)
2
(%)
3
(%)
4
(%)
5
(%)
Bottom
50%
Total global
wealth
Wealth of
bottom
50%
2014 -0.3 0.1 0.1 0.3 0.5 0.7% $263 tr $1.8 tr

9. 80 PEOPLE NOW HAVE THE SAME WEALTH AS
THE BOTTOM 50%
Calculations:
0
500
1000
1500
2000
2500
3000
Totalwealth$bn(CurrentFX,
MoneyoftheDay)
Wealth of the 80 richest people has doubled in nominal terms 2009-2014, while the wealth
of the bottom 50% is lower in 2014 than it was in 2009
Wealth of bottom 50% ($bn)
Wealth of richest 80 people
(From Forbes, $bn)

10. 80 PEOPLE NOW HAVE THE SAME WEALTH AS
THE BOTTOM 50%
The results:
388
177
159
92
80
0
50
100
150
200
250
300
350
400
450
2010 2011 2012 2013 2014
Numberofbillionaires
# Billionaires who have the same amount of wealth as
the poorest half of world's population

11. 80 PEOPLE NOW HAVE THE SAME WEALTH AS
THE BOTTOM 50%
What does this tell us?
• A completely absurd distribution of the world’s wealth; inefficient and unjust
• A minority of people have more wealth than they could possibly know what
to do with, and it keeps growing
• Half of the population have negative, zero or small financial and non-
financial assets. This leaves them vulnerable to shocks; unable to own
property or assets that can support their livelihoods

12. 80 PEOPLE NOW HAVE THE SAME WEALTH AS
THE BOTTOM 50%
The critique: ‘7% of the poorest 10% of people on the planet live in the US’
Regional composition of global wealth distribution 2014
Source: Credit Suisse, Global Wealth Databook 2014, https://publications.credit-
suisse.com/tasks/render/file/?fileID=5521F296-D460-2B88-081889DB12817E02
SS

13. 80 PEOPLE NOW HAVE THE SAME WEALTH AS
THE BOTTOM 50%
The critique: ‘The bottom 10% have negative wealth; people with negative
wealth are not necessarily the poorest.’
• This is an analysis of net wealth: complex and hard to measure, but for
which we have the most reliable data from a credible source. Negative
wealth is an important part of the wealth picture.
• We compare the very top of the distribution with the bottom 50%; 3.5
billion people, 90% of whom live in developing countries.
• The negative wealth of the bottom 10% is a quarter of 1% of global wealth.
The top 10% have 87% of global wealth; the gross disparity of wealth
distribution is clear.
1
(%)
2
(%)
3
(%)
4
(%)
5
(%)
Bottom
50%
Total global
Wealth
Wealth of
bottom
50%
2014 -0.3 0.1 0.1 0.3 0.5 0.7% $263 tr $1.8 tr

14. 20% OF BILLIONAIRES HAVE INTRESTS AND/OR
ACTIVITIES IN THE FINACE/INSURANCE SECTOR
The concept: Wealth comes from somewhere, we want to unpack where the
wealthiest have made their money.
Data: Forbes billionaires 2013 and 2014
Calculations:
Billionaires
Wealth
2013
($mil)
Wealth
2014 ($mil)
Sector code
(Oxfam
coding)
Origin of wealth
(Forbes) Country
Bill Gates 67000 76000 Tech Microsoft United States
Carlos Slim Helu & family 73000 72000 Telecoms telecom Mexico
Amancio Ortega 57000 64000 Retail Zara Spain
Warren Buffett 53500 58200 Finance Berkshire Hathaway United States
Larry Ellison 43000 48000 Tech Oracle United States
Charles Koch 34000 40000 Diversified diversified United States
David Koch 34000 40000 Diversified diversified United States
Sheldon Adelson 26500 38000 Entertainment casinos United States
Christy Walton & family 28200 36700 Retail Wal-Mart United States
Jim Walton 26700 34700 Retail Wal-Mart United States

15. 20% OF BILLIONAIRES HAVE INTRESTS AND/OR
ACTIVITIES IN THE FINACE/INSURANCE SECTOR
Results:
Sector
Count of
billionaires in
2013 and 2014
Sum of wealth
2013 ($m)
Sum of wealth
2014 ($m)
Increase in
wealth ($m)
Increase in
wealth %
Grand total 1761 5432610 6447190 1014580 19%
Finance 326 998200 1147500 149300 15%
Real estate 160 391650 413050 21400 5%
Retail 155 657100 787050 129950 20%
Tech 131 446000 627440 181440 41%
Extractives 118 453100 437150 -15950 -4%
Product 110 225500 327400 101900 45%
Pharma 95 170050 249950 79900 47%
Diversified 95 377650 395050 17400 5%
Entertainment 67 170900 248300 77400 45%

16. 20% OF BILLIONAIRES HAVE INTRESTS AND/OR
ACTIVITIES IN THE FINANCE/INSURANCE SECTOR
Results:
Billionaire
Wealth in
2013 $bn
Wealth in
2014 $bn
Increase
in wealth
Source of
wealth Nationality Gender
Warren Buffett 53.5 58.2 9%
Berkshire
Hathaway United States M
Michael
Bloomberg 27.0 33.0 22% Bloomberg LP United States M
Carl Icahn 20.0 24.5 23%
Leveraged
buyouts United States M
Prince Alwaleed
Bin Talal Alsaud 20.0 20.4 2% Investments Saudi Arabia M
George Soros 19.2 23.0 20% Hedge funds United States M
Joseph Safra 15.9 16.0 1% Banking Brazil M
Luis Carlos
Sarmiento 13.9 14.2 2% Banking Colombia M
Mikhail
Prokhorov 13.0 10.9 -16% Investments Russia M
Alexey
Mordashov 12.8 10.5 -18%
Steel,
investments Russia M
Abigail Johnson 12.7 17.3 36%
Money
management United States F

17. BILLIONAIRES WITH INTRESTS/ACTIVITIES IN THE
PHARMACEUTICAL/HEALTHCARE SECTOR SAW
THE LARGEST % INCREASE IN WEALTH 2013–2014
Results:
Billionaire
Wealth in
2013 $bn
Wealth in
2014 $bn
Increase
in wealth
Source of
wealth Nationality Gender
Ernesto Bertarelli
& family 11.0 12.0 9% Biotech,
investments Switzerland M
Dilip Shanghvi 9.4 12.8 36% Pharmaceuticals India M
Hansjoerg Wyss 8.7 10.5 21% Medical devices Switzerland M
Patrick Soon-
Shiong 8.0 10.0 25% Pharmaceuticals United
States M
Ludwig Merckle 7.1 8.6 21% Pharmaceuticals Germany M
Stefano Pessina 6.4 10.4 63% Drugstores Italy M
Thomas Frist Jr
& family 4.8 6.1 27% Healthcare United
States M
Gayle Cook 4.0 5.8 45% Medical devices United
States F
Curt Engelhorn 4.0 4.0 0% Pharmaceuticals Germany M
Cyrus
Poonawalla 3.9 4.9 26% Biotech/vaccines India M

18. 20% OF BILLIONAIRES HAVE INTRESTS AND/OR
ACTIVITIES IN THE FINANCE/INSURANCE SECTOR
What does this tell us?
• The financial sector is highly lucrative to individuals with activities and
interests in this sector, a sector that is widely thought to have contributed to
the global economic crisis, which has cost many ordinary people their homes
and jobs.
• This raises the question of whether the accumulation of wealth by a few is
paid for elsewhere in the economy. Indeed research from the IMF finds that
the US subsidizes their ‘too big to fail’ banks to the tune of $83bn annually.
• Billionaires from the pharmaceutical sector have increased their wealth by
$80bn in a single year. Meanwhile drugs continue to be prohibitively
expensive for many in need. This is a clear indication that corporate profit and
extreme wealth accumulation are prioritized over access to healthcare and
medicines.

19. $550m WAS SPENT BY FINANCE/INSURANCE
SECTOR LOBBYISTS IN BRUSSELS AND
WASHINGTON IN 2013
The concept:
‘Working for the Few’ found evidence to suggest that wealth is also associated
with political influence. Lobbying is one of the mechanisms that individuals,
companies and other organizations use to influence policy makers directly.
Data sources:
• Washington: Centre for Responsive Politics (opensecrets.org)
• Brussels: Corporate Europe Observatory
Calculations:
$400m in Washington
$150m in Brussels

20. $550m WAS SPENT BY FINANCE/INSURANCE
SECTOR LOBBYISTS IN BRUSSELS AND
WASHINGTON IN 2013
Results:
Annual lobbying on finance/insurance/real estate
Source: https://www.opensecrets.org/lobby/indus.php?id=F&year=2014

21. $550m WAS SPENT BY FINANCE/INSURANCE
SECTOR LOBBYISTS IN BRUSSELS AND
WASHINGTON IN 2013
What does this tell us?
• This is just the tip of the iceberg. Lobbying can take place at all levels of
government in all countries. And this is just one channel that people and
companies in positions of power and wealth can use to exercise their
influence.
• For profit-oriented companies, one can only assume that there will be a
financial return from this investment that will accrue through policies
favourable to their interests. It seems to be working, if you associate this with
the accumulation of wealth at the top.
• Ordinary people do not have the same access to policy influencing.

22. THE MOST PROLIFIC LOBBYING ACTIVITIES IN
THE US ARE ON BUDGET AND TAX ISSUES
Results:
Number of lobbying cases filed against each issue in the US in 2013
Source: https://www.opensecrets.org/lobby/top.php?showYear=2013&indexType=u
Issue Number of clients
Federal budget and appropriations 3219
Tax 1951
Health issues 1898
Transportation 1371
Defence 1297
Energy and nuclear power 1238

23. THE MOST PROLIFIC LOBBYING ACTIVITIES IN
THE US ARE ON BUDGET AND TAX ISSUES
What does this tell us?
• Companies are lobbying on the issues that affect the public; issues directly
associated with how the government spends its money and how it raises its
taxes
• Spending money lobbying on tax suggests that these companies with a profit
incentive would hope to be able to reduce their tax burden, which means less
money available for public services or more taxes raised from elsewhere in
the economy.
• Voices and influence on these fundamentally public issues must be more
balanced.
© Oxfam International January 2015 www.oxfam.org