World's 85 richest own as much as the poorest 3.5 bn

The combined wealth of the 85 richest people at €1.2 trillion is equal to that of the poorest 3.5 billion - half of the world's population, a new report from development charity Oxfam reveals.

According to the report titled Working For The Few, growing inequality had been driven by a ''power grab'' by wealthy elites, who had co-opted the political process to rig the rules of the economic system in their favour.

Attendees at this weeks' World Economic Forum have been called upon by Oxfam, to take a personal to address the disparity by refraining from dodging taxes or using their wealth to seek political favours.

The report includes a poll which found that people in countries around the world – including two-thirds of those questioned in the UK believed that the rich had too much influence over the direction their country was heading.

Oxfam chief executive Winnie Byanyima said, it was staggering that in the 21st century, half of the world's population, that was three and a half billion people, owned about the same as a tiny elite whose numbers could all fit comfortably on a double-decker bus.

She said the fight against poverty could not be won without tackling inequality.

She added, widening inequality was creating a vicious circle where wealth and power were increasingly concentrated in the hands of a few, leaving the rest to fight over crumbs.

According to researchers, it was likely the full concentration of wealth was in fact even more skewed, with estimates claiming more than £11 trillion was held 'unrecorded and off shore'.

Seven out of every 10 people lived in countries that had seen inequality increase since the 1980s, while tax rates for the richest had fallen in 29 out of 30 countries where data was available, according to the report.

Byanyima said, without a concerted effort to tackle inequality, the cascade of privilege and of disadvantage would continue down the generations.