Oxfam says wealthiest 1 percent will own more than rest by 2016

Wealth accumulated by the richest 1 percent will exceed that of the other 99 percent in 2016, the Oxfam charity said on Monday, ahead of the annual meeting of the world's most powerful elites in Davos, Switzerland.

"The scale of global inequality is quite simply staggering. And despite the issues shooting up the global agenda, the gap between the richest and the rest is widening fast," Oxfam Executive Director Winnie Byanyima said.

The richest 1 percent's share of global wealth increased from 44 percent in 2009 to 48 percent in 2014, the British charity said in a report, adding that it will be more than 50 percent in 2016.