Wealth of the Richest Doubled 💰
Since 2020, the wealth of the world's five richest people has more than doubled. This stark increase contrasts with the impoverishment of nearly five billion individuals globally during the same period, according to a report by Oxfam.
Trillionaire within a Decade 🚀
Oxfam's report predicts the emergence of the world's first trillionaire within the next ten years if current economic trends continue. Meanwhile, the complete eradication of poverty is projected to take an additional 229 years.
Staggering Wealth Increase 📊
The combined fortunes of the wealthiest, including names like Elon Musk and Jeff Bezos, have increased from $405 billion in March 2020 to $869 billion by November 2023. This surge amounts to an average increase of about $14 million per hour.
Billionaire CEOs and Global Corporations 🏢
Among the world's largest corporations, seven out of ten are led by billionaires as CEOs or principal shareholders. These corporations have a collective worth surpassing the combined GDPs of Africa and Latin America.
Inequality and Corporate Power ⚖️
Oxfam International's Amitabh Behar highlights how this inequality is not accidental but a result of corporate structures that funnel wealth to the ultra-rich. This disparity is amplified by corporate practices like tax evasion and labor exploitation.
Impact on Workers Worldwide 👷♂️
The report sheds light on the worsening conditions of workers globally. Many are working longer hours for lower wages in unsafe conditions. Around 800 million workers have seen their wages stagnate or fail to keep up with inflation, leading to significant income losses.
Leave a comment