Widening wealth gap creates more social and economic risks

THE WORLD'S 62 RICHEST PEOPLE have as much wealth as the poorest 3.6 billion people, half the world's population, according to a new report by Oxfam International. Half of the 62 richest people are from the US, 17 from Europe, with the remainder from China, Brazil, Mexico, Japan and Saudi Arabia. The mega-rich have seen their net worth soar over the last five years and the top 1 percent now own more than all the rest combined. Huanqiu.com on Wednesday says:

China also faces risks from its excessive concentration of wealth.

First, its continually widening wealth gap threatens social stability. In both developing and developed countries, as societies develop a more evident pyramid structure it gives rise to increasing social discontent.