The richest 1% are on track to control two-thirds of the world’s wealth by 2030

Inequality around the world has reached an irreversible tipping point.

The U.K.-based House of Commons Library said this month that, if current trends continue, the richest 1% will control nearly 66% of world’s money by 2030. Based on 6% annual growth in wealth, they would hold assets worth approximately $305 trillion, up from $140 trillion today, the Guardian reported. This follows a report released earlier this year by Oxfam, which said that just eight billionaires have as much wealth as 3.6 billion people — the poorest half of the world.

The U.S. actually has a greater gap between rich and poor than many European countries.

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