(Bloomberg) -- The richest 1% are about to control a majority of the world’s wealth.

That’s according to Oxfam America, which said the slice of global wealth held by the world’s most affluent reached 48% last year, up from 44% in 2009. Their share will likely exceed 50% by 2016, Oxfam said in a letter addressed to attendees of the World Economic Forum in Davos, Switzerland, this week.

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