I have never been good at maths. But I know that ninety nine is bigger than one. But now I have my doubts.

When today (Wednesday 21) the rich and the powerful start their annual meeting at the exclusive ski resort at Davos they will be faced by several challenges including an intriguing one suggesting that one is more than ninety nine.

The hypothesis is being mooted by the anti-poverty organisation, Oxfam. It  has nothing to do with mathematics but with finances and the economy.  In preparation for the Davos meeting Oxfam published a report outlining the situation of economic inequality that prevails in the world today and which, it seems, it is getting worse.

Just look at some of the following figures extracted from the report:

• by next year, 1% of the world’s population will own more wealth than the other 99%;
• This means that by next year 1% of the population will own more than 50% of its wealth. The gap is increasing so much so that the richest 1% increased their wealth from 44% of the world’s in 2009 to 48% last year.
• By 2020 the richest 1% will own 54% of the world’s wealth
• $1.9tn wealth of 80 top billionaires - equal to bottom 50% of rest of world
• $600bn increase in wealth for 80 top billionaires in 4 years - or 50% rise
• $750bn drop in wealth for the poorest 50% of the world in 4 years

These statistics speak for themselves. It is true that some of the workings of the report are based on estimates and so one has to make allowance for a margin of error. However even when this margin of error is taken into consideration the result is still repulsive. Robert Peston, BBC Economics editor  said that Oxfam's claim today that by 2016 the richest 1% could own as much or the same as the bottom 99% is not wildly implausible.

One can zero in onto the situation in Britain through a separate research by the organisation Equality Trust. This research concludes that Britain’s current richest 100 families have the same wealth as 30% of UK households.

It would be interesting if one were to replicate the same study for the Maltese situation. Our President has commissioned several experts to help her work for the eradication of poverty. Such a study should be up their street and could also be a valuable tool for planning their strategies for the eradication of poverty in Malta which the NSO reports show to be a matter of concern.

Oxfam said it was calling on governments to adopt a seven point plan. Local politicians should look at these proposal as some apply also to our situation.  The most relevant from our point of view are the following:

• Clamp down on tax dodging by corporations and rich individuals.

• Share the tax burden fairly, shifting taxation from labour and consumption towards capital and wealth.

• Move towards a living wage for all workers.

• Ensure adequate safety-nets for the poorest, including a minimum-income guarantee.

But for action on the international level we wait for the conclusion that the political and economic leaders meeting in Davos will reach before their meeting ends this.