By 2024, according to Oxfam, the wealth of the world’s five richest people has more than doubled in three years to £688 billion – while the wealth of the poorest has fallen by more than 60%.
(Photo Credit by: Reuters)
It has been said that while the first trillionaire may emerge within a decade, poverty may not end for 229 years.
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The year 2024 comes as business and political leaders meet for the World Economic Forum in the posh Swiss ski resort of Davos, reports charity Inequality Inc.
Traditionally the occasion has been used to highlight the divide between rich and poor, but this year 2024 says the gap is becoming “overwhelmed” following the pandemic.
Oxfam also says the fortunes of Tesla owner Mr Elon Musk, luxury goods maker LVMH boss Bernard Arnault, Amazon founder Jeff Bezos, Oracle’s Larry Ellison and investment guru Warren Buffett have declined materially since the year 2020. Has increased by more than 114%.
It is also said that their collective wealth has increased from £321bn to more than £688bn.
So far Mr Musk alone is estimated to be worth around £180 billion, according to the real-time Forbes list used by Oxfam for all its calculations.
However, Oxfam also says that the 4.7 billion people who make up the world’s poorest 60% have become poorer by 0.2% in real terms, as many countries have been unable to match even rich countries’ COVID financial support to date.
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The charity’s interim boss said the prospect of just one trillionaire in the next 10 years – while it could take more than 200 years to eradicate poverty – was “completely unacceptable”.
Alima Shivji also said that, “This ever-widening gap between the rich and the rest is not accidental, nor is it inevitable.”
“Governments around the world today are deliberately choosing political choices that enable and even encourage this perverse concentration of wealth, while millions of people remain in poverty.
“A very equitable economy is possible, one that works well for all of us. There is a great need for sound policies that provide equitable taxation and support for all, not just the privileged.”
Oxfam also hopes its 2024 report can help put pressure on policymakers in Davos for the January 15-19 summit.
The participants include Ukraine’s President Volodymyr Zelensky, Argentina’s new President Javier Milli, China’s Premier Li Qiang and European Commission chief Ursula von der Leyen.
Oxfam also wants all governments to drastically reduce corporate power through measures such as eliminating monopolies, limiting the pay of owners, and introducing higher taxes on excess profits and wealth.
It is also pushing for alternatives to the shareholder model, such as forms of employee ownership, and more fair trade businesses.
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