The net worth of the world’s five richest people has more than doubled since 2020. The world may get its first trillionaire in a decade, while it will take more than two centuries to eliminate poverty. Try to keep these three things in your mind and try to understand how much economic inequality has increased in the world. The poor in the world are becoming poorer and the rich are becoming richer. Some similar shocking revelations have been made in the latest report of Oxfam.
Billionaire becomes CEO of groups
Releasing its annual inequality report on Monday, the first day of the annual meeting of the World Economic Forum (WEF) here, Oxfam said that seven of the world’s 10 largest groups have CEOs or major shareholders who are billionaires. The report said that 148 top groups earned a profit of US $ 1800 billion, which is 52 percent more than the three-year average. Rich shareholders were paid huge payouts, while millions faced real-time pay cuts. NGO Oxfam called for a new era of public action, including expanding public services, corporate regulation, breaking up monopolies and implementing permanent wealth and access profits taxes.
Poverty will not end for 229 years
Oxfam’s report on Inequality and Global Corporate Powers said the wealth of the world’s five richest people more than doubled from US$405 billion to US$869 billion since 2020 (at a rate of US$14 million per hour). While about five billion people have already become poor. The report says that if current trends continue, the world will get its first trillionaire within a decade, but poverty will not end for the next 229 years.
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Rich countries have more wealth
Amitabh Behar, interim executive director of Oxfam International, said that this situation of inequality has not arisen by accident. The billionaire class is making sure that corporations provide them with more wealth at the expense of everyone else. According to Oxfam, despite representing only 21 percent of the global population, the rich countries of the Global North hold 69 percent of global wealth and are home to 74 percent of the world’s billionaires.
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