Karachi: The wealth of the world’s five richest men has surged by an astonishing 114 percent, reaching $869 billion since 2020, while nearly five billion people have experienced a decline in economic well-being, according to a new Oxfam report. The study predicts the emergence of the world’s first trillionaire within a decade, highlighting the urgency for comprehensive public action to address the deepening wealth divide.
According to Oxfam’s latest report, titled “Inequality Inc.,” there has been a stark increase in the fortunes of the five wealthiest individuals, who collectively witnessed their wealth more than double at a staggering rate of $14 million per hour. Simultaneously, global poverty remains entrenched at pre-pandemic levels, underscoring the gravity of the economic disparity.
The study, released as the world business leaders gather in Davos, Switzerland, reveals that seven out of ten of the world’s largest corporations are led by billionaires, amassing a combined worth of $10.2 trillion – surpassing the GDPs of all countries in Africa and Latin America combined.
Oxfam’s interim Executive Director, Amitabh Behar, commented, “We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation, and war, while billionaires’ fortunes boom. This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else.”
The report highlights the unprecedented surge in extreme wealth over the past three years, with billionaires now $3.3 trillion richer than in 2020. Large corporations are on track to break profit records in 2023, with 148 of the world’s biggest companies reporting a 52 percent increase in total net profits compared to the 2018-2021 average.
Key figures, such as Bernard Arnault, Aliko Dangote, and Jeff Bezos, feature prominently, exemplifying the concentration of wealth and power. The report emphasizes the detrimental effects of monopolies on innovation, workers, and smaller businesses, citing examples like the unequal distribution of COVID-19 vaccines.
Despite increased global productivity, wages for nearly 800 million workers have failed to keep up with inflation, resulting in a loss of $1.5 trillion over the last two years. Oxfam’s analysis also reveals that only 0.4 percent of major corporations are committed to paying workers a living wage.
In response, Oxfam calls for urgent government intervention to reduce the wealth gap, advocating for the revitalization of the state, reining in corporate power, and reinventing business models. The report suggests measures such as universal healthcare and education, breaking up monopolies, legislating for living wages, capping CEO pay, and imposing new taxes on the super-rich and corporations, including permanent wealth and excess profit taxes. Oxfam estimates that a wealth tax on millionaires and billionaires could generate $1.8 trillion annually.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
