Wealth inequality is "rising fast", the head of international development charity Oxfam warned on Tuesday, the same day that the International Monetary Fund (IMF) cut its forecast for global growth this year and next.
In a report published on Monday, an Oxfam report claimed that the combined wealth of the world's richest 1 percent could overtake that of the remaining 99 percent by 2016.
"Inequality is rising, and rising fast … this is dangerous. It is bad for democracy and for stable societies and it is bad for (economic) growth. The poor hurt," Winnie Byanyima, executive director of Oxfam International told CNBC Tuesday at the World Economic Forum in Davos, Switzerland.