So says a new report, which estimates that by next year the richest 1% will have as much wealth as the other 99%.
“The richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014,” Oxfam says in a report Monday.
At that rate, the wealthy will own more than 50% by next year, according to the report.
The report comes a day before President Barack Obama is expected to unveil proposals that close tax breaks on the wealthy.
Obama will unveil his plans to help the middle class during his State of the Union Address on Tuesday.