Inequality is rising in the world today as “oligarchs” amass wealth at unprecedented levels, a report published on Monday by development organization Oxfam said.
The report, titled “Takers Not Makers”, published ahead of the World Economic Forum (WEF) in Davos, said the wealth of billionaires is expected to grow by $2 trillion (€1.94 trillion) in 2024, three times faster than the previous year. Is increasing from.
The report notes that while the richest 1% now hold 45% of global wealth, 44% of humanity lives on less than $6.85 per day, and the global poverty rate has barely changed since 1990.
Amitabh Behar, Oxfam’s executive director, said, “We present this report as a wake-up call that ordinary people around the world are being crushed by the enormous wealth of a small few.”
the rich are getting richer
Another issue raised in the report was the claim that trillionaires are expected to emerge within the next decade, as the wealth of the richest 10 billionaires has increased by an average of $100 million per day over the past 10 years.
204 new billionaires emerged last year, increasing total billionaire wealth by $2 trillion by 2024.
Behar warns about the creation of an economic system where “billionaires are now able to shape economic policies, social policies, which ultimately gives them greater profits.”
The report also states that globally one in ten women live in extreme poverty and earn less than $2.15 a day. It further states that women provide 12.5 billion hours of unpaid labor every day, adding an estimated $10.8 trillion to the global economy, three times the value of the global tech industry.
Trump’s policies could increase inequalities
US President Donald Trump is also mentioned in the Oxfam report, as his policies, including tax cuts and deregulation, are being criticized for potentially exacerbating inequality and further enriching billionaires – including Elon Musk – Who is a major supporter of Trump’s re-election campaign.
“The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man, Elon Musk, who is running the world’s largest economy,” Behar said.
In Davos, protesters carrying banners reading “Tax the rich” and “Burn down the system” gathered ahead of the summit, which was expected to focus mainly on economic strategies, artificial intelligence and global conflicts.
Its 3,000 attendees will include world leaders and business executives.
ss/jsi (AP, AFP, dpa)