Decade of Rich and Poor Division
The world’s five richest men have more than doubled their fortunes since 2020 at a rate of $14 million per hour. At the same time, nearly five billion people have been made poorer.
This is Oxfam's most recent report “Inequality Inc.”, released today on Jan 15th as business elites gather in the Swiss resort town of Davos. If current trends continue, the world will have its first trillionaire within a decade but poverty worldwide will not be eradicated for another 229 years.
“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.” said Oxfam International interim Executive Director Amitabh Behar.
Public power can rein in runaway corporate power and inequality —shaping the market to be fairer and free from billionaire control. “Governments must intervene to break up monopolies, empower workers, tax these massive corporate profits and, crucially, invest in a new era of public goods and services”. Oxfam estimates that a wealth tax on the world’s millionaires and billionaires could generate $1.8 trillion a year.
Oxfam International Director will attend 2 discussion sessions at WEF on tax reform and policy support for the vulnerable in the face of global crises.
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Report “Inequality Inc.” of Oxfam International: https://www.oxfam.org/en/research/inequality-inc
The World Economic Forum (WEF) 2024 will take place on January 15-19, with the theme "Rebuilding trust." Leaders, policymakers, development organizations, businesses, scholars and reporters, etc. discuss to promote collective cooperation activities to effectively respond to global challenges currently.
Photo: Tatiana Cardeal