The world's richest 1 per cent may soon own more than the 99 per cent. Photo: Getty
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The richest 1 per cent is set to own more than the rest of the world: we need action on inequality

A rich man's world.

The media has dubbed today "Blue Monday" – supposedly the most depressing day of the year. Pseudoscience, probably, but it’s hard not to feel gloomy with a report out today from Oxfam showing that the world’s richest 1 per cent have increased their combined share of global wealth to almost half, and if current trends continue, next year will see them overtake the other 99 per cent. Equally striking is the finding that the combined wealth of 3.5bn people – half the world’s population – is matched by the wealth accumulated to just 80 individuals, who enjoy beneficial political influence by virtue of their assets, according to Oxfam. 

This extreme concentration of wealth is not an abstract global problem, but one that’s visible on our own doorstep. New Equality Trust research shows that the richest 100 families in Britain in 2008 have since seen their combined wealth increase by at least £15bn. The wealth of the top 100 increased by a staggering rate of £1,268 per second last year, to equal that of nearly a third of UK households put together. And among the richest of the rich in this country, ten people saw their incomes rise by £3.1bn to an eye-watering £96.6bn.

Contrast this with a JRF report also out today, showing that more than 8m parents and children in the UK are living on family incomes which are inadequate for supporting a socially acceptable standard of living, an increase of over a third since 2008/9. Within this group, families headed by lone parents and those with a single breadwinner have faced significant increases in their likelihood of having to try to make ends meet on an insufficient income. 

Given what we know about the negative health and social effects of pronounced economic disparity, these refreshed figures on accumulated wealth and increasingly inadequate incomes are great reason for concern. The three pieces of research come at the beginning of the week when politicians, civil society and business leaders are due to meet in Davos at the World Economic Forum to discuss key issues of global concern. Last year, inequality was a dominant theme, and experts have placed deepening income inequality in the top spot for 2015 as well. However, talking about inequality isn’t really getting us anywhere and concerted action globally and at home is urgently needed if we are to stem the upward flows of wealth and power.

Lucy Shaddock is Policy and Campaigns Officer at The Equality Trust

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New Digital Editor: Serena Kutchinsky

The New Statesman appoints Serena Kutchinsky as Digital Editor.

Serena Kutchinsky is to join the New Statesman as digital editor in September. She will lead the expansion of the New Statesman across a variety of digital platforms.

Serena has over a decade of experience working in digital media and is currently the digital editor of Newsweek Europe. Since she joined the title, traffic to the website has increased by almost 250 per cent. Previously, Serena was the digital editor of Prospect magazine and also the assistant digital editor of the Sunday Times - part of the team which launched the Sunday Times website and tablet editions.

Jason Cowley, New Statesman editor, said: “Serena joins us at a great time for the New Statesman, and, building on the excellent work of recent years, she has just the skills and experience we need to help lead the next stage of our expansion as a print-digital hybrid.”

Serena Kutchinsky said: “I am delighted to be joining the New Statesman team and to have the opportunity to drive forward its digital strategy. The website is already established as the home of free-thinking journalism online in the UK and I look forward to leading our expansion and growing the global readership of this historic title.

In June, the New Statesman website recorded record traffic figures when more than four million unique users read more than 27 million pages. The circulation of the weekly magazine is growing steadily and now stands at 33,400, the highest it has been since the early 1980s.