A new report from Oxfam shows that the world’s five richest men doubled their fortunes between 2020 and 2023, while the poorest half of the world’s population got 1% poorer. The report is being released as world leaders gather in Davos, Switzerland, for the annual World Economic Forum.
In a recent report, Oxfam revealed that the combined wealth of the world’s five richest men—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—has doubled to $869 billion since 2020. Meanwhile, the poorest 60%, consisting of 5 billion people, have become even poorer during the same period, according to the Oxfam report.
The charity’s report, titled “Inequality Inc.,” disclosed that the wealth of the top five billionaires surged from $405 billion in 2020 to $869 billion in the past year. The release of this report coincides with the World Economic Forum in Davos, where global elites gather.
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Oxfam warns that the wealth gap is expected to widen, possibly leading to the world’s first trillionaire within a decade. Shockingly, the report predicts that at the current pace, it will take another 229 years to eliminate world poverty.
The report also calls on nations to resist the influence of the ultra-rich on tax policies.
Key Points From The Report
- Seven out of 10 of the world’s largest corporations have a billionaire as CEO or principal shareholder, despite stagnant living standards for millions of workers.
- The world’s billionaires are $3.3 trillion richer than they were in 2020, growing three times faster than the rate of inflation.
- The combined wealth of the top five richest individuals increased by $464 billion, or 114%.
- The total wealth of the poorest 60% of the world’s population has declined by 0.2% in real terms.
- Across 52 countries, the average real wages of nearly 800 million workers have fallen, resulting in a combined loss of $1.5 trillion over the last two years.
- The Gini index, measuring inequality, shows that global income inequality is comparable to that of South Africa, the most unequal country in the world.
- The world’s 148 largest corporations reported a total net profit of $1.8 trillion in the year to June 2023, a 52% increase compared to average net profits in 2018-21.
- The wealthiest 1% own 59% of all global financial assets, including stocks, shares, bonds, and stakes in privately held businesses.
The report concludes that despite numerous crises, including the Covid pandemic, billionaires are now $3.3 trillion richer than they were in 2020. Oxfam emphasizes the need for nations to resist corporate influence on wages, food prices, and access to essential medicines.