A new report released by Oxfam announced that half of the world's wealth will be owned by just 1 percent of the population by next year.

According to the Oxfam report, the wealthy 1 percent's wealth increased from 44 percent in 2009 to 48 percent in 2014. This will reportedly exceed 50 percent by 2016 as global inequality soars.

"These wealthy individuals have generated an sustained their vast riches through their interests and activities in a few important economic sectors, including finance and insurance, and pharmaceuticals and healthcare," the report says.

Oxfam also states these companies spend millions every year on lobbying to ensure a political environment that enhances their interests.

The report was released prior to the annual World Economic Form at Davos in Switzerland. Oxfam will call for action at the meeting in order to tackle the rising inequality, which they say restricts the global fight against poverty.

The report also analyzed the demographics of the 1 percent and looked at Forbes' list of 1,645 people considered as billionaires. Almost 30 percent of them, 492 people, are U.S. citizens. One-third of them started from a position of wealth -- 34 percent of them inheriting some or all of their fortune.

"This group is predominately male and graying with 85 percent of these people aged 50 years," the report says.

This group is male dominated, being 90 percent men. In addition, this 1 percent had an average $2.7 million per adult, and the richest 80 individuals had the same wealth as 50 percent of the entire population, about 3.5 billion people.

"Business as usual for the elite isn't a cost free option. Failure to tackle inequality will set the fight against poverty back decades," Winnie Byanyima, Oxfam's executive director, said. "The poor are hurt twice by rising inequality -- they get a smaller share of the economic pie and because extreme inequality hurts growth, there is less pie to be shared around."

Byanyima will co-chair the meeting in Davos.

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