Musk and Zuckerberg’s wealth doubled since 2020, while the poorest became poorer: Oxfam report

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Oxfam report released recently shows that the five richest men in the world- Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg-have doubled their fortune to $869 billion since 2020. However, within the same period world’s poorest 60%, which account for 5 billion people, became poorer, Oxfam report adds. 

A report from the charity, published as the global elite hobnob at the World Economic Forum (WEF) in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year.

The Oxfam report further states that the gap between rich and poor is likely to increase, leading to the world crowning its first trillionaire within a decade. 

The report also warns that if current trends continue, world poverty will not be eradicated for another 229 years.

The Oxfam report also called on nations to resist the ultra-rich’s influence over tax policy.

Here are 10 outtakes from the Oxfam report

-The report, Inequality Inc., revealed that seven out of 10 of the world’s biggest corporations have a billionaire as CEO or principal shareholder, despite stagnation in living standards for millions of workers around the world.

-Oxfam said the world’s billionaires were $3.3tn (£2.6tn) richer than in 2020, and their wealth had grown three times faster than the rate of inflation.

-Oxfam report noted that the combined wealth of the top five richest people in the world – Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg – have increased by $464bn, or 114 per cent

-The total wealth of the poorest 4.77 billion people – making up 60 per cent of the world population – has declined by 0.2 per cent in real terms

-Across 52 countries, average real wages of nearly 800 million workers have fallen. These workers have lost a combined $1.5tn over the last two years, equivalent to 25 days of lost wages for each worker

-Oxfam said the most recent Gini index – which measures inequality – found that global income inequality was now comparable with that of South Africa, the country with the highest inequality in the world.

-Oxfam found that 148 of the world’s biggest corporations together raked in $1.8tn in total net profits in the year to June 2023, a 52% jump compared with average net profits in 2018-21.

-The world’s richest 1% own 59% of all global financial assets – including stocks, shares and bonds, plus stakes in privately held business

-Billionaires are today $3.3 billion richer than they were in 2020, despite many crises devastating the world’s economy since this decade began, including the Covid pandemic.

-Oxfam said states handed power over to monopolies, allowing corporations to influence the wages people are paid, food prices and which medicines individuals can access.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)

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