February 18, 2024
Global Elite's Wealth Skyrockets While Oxfam Warns of Deepening Inequality Crisis
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Global Elite’s Wealth Skyrockets While Oxfam Warns of Deepening Inequality Crisis

Global Elite’s Wealth Skyrockets While Oxfam Warns of Deepening Inequality Crisis/Mint

Global Elite’s Wealth Skyrockets While Oxfam Warns of Deepening Inequality Crisis

A recently published Oxfam report sheds light on the alarming surge in the combined fortunes of the world’s five wealthiest individuals—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg. Surging from $405 billion in 2020 to a staggering $869 billion last year, their wealth has more than doubled. In stark contrast, the report reveals a grim reality for the world’s poorest 60%, numbering 5 billion people, who have become even more impoverished during the same period.

Released amid the gatherings of the global elite at the World Economic Forum in Davos, Oxfam’s report predicts an ominous trajectory, anticipating the world’s first trillionaire within a decade. Disturbingly, if current trends persist, global poverty may persist for another 229 years, underscoring a widening gap between the rich and poor.

The report, titled “Inequality Inc.,” highlights troubling findings:

  1. Seven out of 10 of the world’s largest corporations have a billionaire as CEO or principal shareholder, despite stagnant living standards for millions.
  2. The world’s billionaires increased their wealth by $3.3 trillion (£2.6 trillion) since 2020, growing three times faster than inflation.
  3. The combined wealth of the top five individuals mentioned earlier surged by $464 billion, a staggering 114% increase.
  4. The total wealth of the poorest 60% of the world’s population declined by 0.2% in real terms.
  5. In 52 countries, the average real wages of nearly 800 million workers fell, resulting in a combined loss of $1.5 trillion over two years.
  6. Global income inequality, measured by the Gini index, now rivals that of South Africa, the world’s most unequal country.
  7. 148 of the world’s largest corporations reported a 52% increase in total net profits to $1.8 trillion in the year to June 2023.
  8. The richest 1% control 59% of all global financial assets, including stocks, shares, and bonds.
  9. Despite global crises, billionaires are $3.3 billion richer than in 2020.
  10. Oxfam urges nations to resist the undue influence of the ultra-rich over tax policies, emphasizing the need for systemic change.

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