KUALA LUMPUR – A staggering 80 per cent of the world’s population controls just six per cent of the estimated RM916.6 trillion global wealth, underscoring the growing economic inequality across the globe. This alarming statistic highlights how wealth distribution is becoming increasingly skewed, with a small portion of the population holding a disproportionate share of the world’s resources.
Dr Imran Alvi, chief executive of Oxford Intellect, pointed out that this economic disparity has widened due to changes in market structures and the concentration of wealth among the elite. He explained that a tiny fraction of the population owns a significant portion of global assets, investments, and capital markets. According to him, only one per cent of the elite own 43 per cent of the world’s wealth, which means that 300 individuals possess more wealth than three billion people combined.
This observation was made during the Economy Based on Humanity: A New Paradigm keynote session at the World #QuranConvention 2025, held at the Perdana Hall, Ministry of Investment, Trade and Industry, on Saturday. Dr Alvi used the platform to discuss the implications of such wealth concentration and the urgent need for systemic change.
He also highlighted how the gap between countries has widened over time when examining global economic development. Two hundred years ago, the wealthiest nations were only three times wealthier than poorer countries. However, by the end of the colonial era, this gap had increased to 35 times, and today it has soared to an astonishing 80 times. This stark contrast illustrates the deepening divide between developed and developing economies.
Dr Alvi emphasized the importance of instilling a human-centred economic approach within Islamic communities to create a more just and prosperous society while addressing global wealth imbalances. He argued that building a humane economy requires cultivating individuals who embody values such as ethics, morality, courage, and fairness.
“Without investing time in developing character, we cannot nurture individuals who are truly human-centred,” he said. This focus on personal development and moral values, according to Dr Alvi, is essential for fostering a more equitable and sustainable economic system.
In his speech, he urged Islamic communities to take a proactive role in redefining economic principles through the lens of humanity. By prioritizing ethical practices and social responsibility, these communities can contribute to a broader movement aimed at reducing global inequalities.
The key takeaway from Dr Alvi’s address is that economic systems must be reimagined to serve the needs of all people, not just the privileged few. His insights call for a shift in perspective, where wealth is not merely a measure of individual success but a tool for collective well-being. This vision aligns with the core teachings of many religious and philosophical traditions, including those found in Islam, which emphasize justice, compassion, and fairness.
As the world continues to grapple with rising inequality, the need for a human-centred approach to economics becomes more pressing. By focusing on character development and ethical leadership, societies can work towards a future where wealth is distributed more equitably, and economic growth benefits everyone.