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By 2016 the richest people on the planet, which make up 1% of the global population, will own over 50% of the world's wealth, according to a study by Oxfam.

The latest calculation shows an increase on the 48% owned by the wealthiest in 2014.

"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," said Winnie Byanyima, executive director of Oxfam International in a statement.

Oxfam's study shows that the world's wealthiest individuals - dubbed the 1% - have $2.7m each on average, accounting for 48% of the global share in 2014.

The average population, classed as non-rich have $3,851 per adult and account for only 5.5% of global wealth.

Oxfam's study falls neatly in line with Credit Suisse's report from October 2014 that said that the richest 1% of people own nearly half of the world's wealth.

However, according to the investment bank's fifth global wealth report, individuals only need $3,650 (£2,274, €2,874) and the value of their home, to be classed as some of the richest people in the world.

Those who hold $798,000 and the value of equity in their home are classed as the top 1% wealthiest in the world, and include business behemoths such as Donald Trump, Warren Buffett and Microsoft founder Bill Gates.

Global wealth rose by a record $20.1tn over the last year. Credit Suisse estimates that global private wealth will grow to $369tn by 2019, with more than one quarter of the growth coming from emerging markets.