[ad_1]
The world’s five richest men have doubled their wealth since 2020, according to a new report from the charity Oxfam.
The analysis, released on the eve of the World Economic Forum in Davos, shows that the wealth of the world’s five richest billionaires has increased by 2% since the early 2010s, even as the majority of the world has become poorer. It was found that the number has more than doubled.
Amitabh Behar, Oxfam’s International Interim Executive Director, said in a press release: “A decade of division, with billions of people bearing the economic shocks of a pandemic, inflation and war, while the wealth of billionaires soars. “We are seeing it begin.” “This inequality is no accident. The billionaire class allows corporations to provide them with more wealth at the expense of everyone else.”
Oxfam has released its annual report ahead of Davos, which brings together governments, major international organizations and the CEOs of 1,000 multinational companies. The group found last year that the world’s richest 1 percent had amassed nearly two-thirds of the wealth created since the start of the coronavirus pandemic, an increase of $26 trillion.
The group found this year that billionaires’ wealth has increased by $3.3 trillion since the beginning of the decade. This is equivalent to three times the inflation rate. CEO pay at the 350 largest companies in the U.S. rose by a whopping 1,200 percent, and the world’s largest companies saw profits increase by 89 percent in 2021 and 2022. Amazon founder Jeff Bezos alone has seen his fortune increase by $32.7 billion since the early 2020s. .
Wealth growth is also split by gender and race, with men owning $105 trillion more in wealth than women, and the typical black household in the U.S. having 15.8 percent more wealth than the typical white household. It wasn’t too much.
Oxfam is an international charity focused on ending poverty around the world. The report has been criticized in the past for taking debt into account in its calculations for the world’s poorest people, and some experts say it is misleading. But most agree that the wealth of the super-rich is increasing.
The group urges governments to rein in corporate power by passing laws that cap CEO pay and ensure a living wage for workers, and to “accept and invest in high-quality universal healthcare and education.” ” he asked.
“Public power can rein in rampant corporate power and inequality, making markets fairer and free from billionaire control,” Behar said. “Governments must intervene to break up monopolies, empower workers, tax huge corporate profits, and, importantly, invest in a new era of public goods and services.”
[ad_2]
Source link
