{"id":26017,"date":"2024-01-15T19:12:51","date_gmt":"2024-01-15T19:12:51","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam"},"modified":"2024-01-15T20:34:57","modified_gmt":"2024-01-15T20:34:57","slug":"rich-get-richer-as-global-inequality-widens-exposes-oxfam","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam","title":{"rendered":"Rich get richer as global inequality widens, exposes Oxfam"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oxfam on Monday revealed that the world’s five wealthiest individuals have seen their fortunes more than double from $405 billion to a staggering $869 billion since 2020.<\/p>\n

The report, titled Inequality Inc., sheds light on the alarming rate of wealth accumulation by the elite, clocking in at $14 million per hour, while nearly five billion people around the globe find themselves sinking deeper into poverty.<\/p>\n

As the super-rich gather in Davos for the annual World Economic Forum, Oxfam’s report paints a bleak picture of a world heading toward its first trillionaire within a decade, while the eradication of poverty remains a distant goal\u2014projected to take another 229 years.<\/p>\n

“We\u2019re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires\u2019 fortunes boom. This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,” said Oxfam International interim Executive Director Amitabh Behar.<\/p>\n

“Runaway corporate and monopoly power is an inequality-generating machine: through squeezing workers, dodging tax, privatizing the state, and spurring climate breakdown, corporations are funneling endless wealth to their ultra-rich owners,” warned Behar.<\/p>\n

– Billionaires now $3.3 trillion richer than in 2020<\/p>\n

According to Oxfam, the past three years have witnessed an unprecedented surge in extreme wealth, with billionaires now $3.3 trillion richer than in 2020, growing three times faster than the rate of inflation.<\/p>\n

Despite representing only 21% of the global population, wealthy countries in the Global North commandeer 69% of global wealth and host 74% of the world’s billionaire wealth.<\/p>\n

Wealth tax on rich could generate $1.8 trillion annually<\/b><\/p>\n

Oxfam’s findings also shed light on the skewed distribution of financial assets, revealing that the top 1% owns a staggering 43% of all global financial assets. This concentration of wealth extends across regions, with the richest holding 48% in the Middle East, 50% in Asia, and 47% in Europe.<\/p>\n

The report further exposes the astounding profitability of major corporations, projecting a record-breaking year in 2023.<\/p>\n

The world’s 148 largest corporations raked in a combined $1.8 trillion in net profits in the year to June 2023\u2014a staggering 52% increase compared to the average net profits from 2018 to 2021. However, the benefits of this financial windfall disproportionately flow to rich shareholders, with 82% of every $100 of profit going to them.<\/p>\n

Notable figures highlighted in the report include Bernard Arnault, the second richest man globally, facing scrutiny for his luxury goods empire LVMH’s alleged anti-competitive practices.<\/p>\n

Aliko Dangote, Africa’s wealthiest person, is also under the spotlight for holding a near-monopoly on cement in Nigeria, raising concerns about a new private monopoly in the oil sector.<\/p>\n

Jeff Bezos, the founder of Amazon and the world’s third richest person, faces a US government lawsuit accusing the tech giant of wielding “monopoly power” to hike prices, degrade service, and stifle competition.<\/p>\n

Oxfam concludes its report with a call to action, urging governments to intervene and address the growing wealth gap. The organization advocates for revitalizing the state, reining in corporate power, and reinventing business to ensure a fairer distribution of wealth<\/p>\n

The report proposes measures such as universal healthcare and education, breaking up monopolies, legislating for living wages, capping CEO pay, and implementing new taxes on the super-rich and corporations.<\/p>\n

It estimates that a wealth tax on millionaires and billionaires could generate $1.8 trillion annually.<\/p>\n

Source: Oxfam<\/b><\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oxfam on Monday revealed that the world’s five wealthiest individuals have seen their fortunes more than double from $405 billion to a staggering $869 billion since 2020. The report, titled Inequality Inc., sheds light on the alarming rate of wealth accumulation by the elite, clocking in at $14 million per hour, while […]<\/p>\n","protected":false},"author":84,"featured_media":26016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,243,233,809],"class_list":["post-26017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-eritrea","tag-eritrea","tag-oxfam"],"yoast_head":"\nRich get richer as global inequality widens, exposes Oxfam - Eritrea<\/title>\n<meta name=\"description\" content=\"Oxfam on Monday revealed that the world's five wealthiest individuals have seen their fortunes more than double from $40 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rich get richer as global inequality widens, exposes Oxfam\" \/>\n<meta property=\"og:description\" content=\"Oxfam on Monday revealed that the world's five wealthiest individuals have seen their fortunes more than double from $40 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-15T19:12:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-15T20:34:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1705338156.900946.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Rich get richer as global inequality widens, exposes Oxfam\",\"datePublished\":\"2024-01-15T19:12:51+00:00\",\"dateModified\":\"2024-01-15T20:34:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam\"},\"wordCount\":571,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1705338156.900946.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\",\"Oxfam\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/rich-get-richer-as-global-inequality-widens-exposes-oxfam\",\"name\":\"Rich get richer as global inequality widens, exposes Oxfam - 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