Elon Musk, Zuckerberg’s fortune doubled as poorest got poorer since 2020: 10 stunning points from Oxfam report
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, while the world's poorest 60% have become poorer, according to an Oxfam report.
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.
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Business NewsNewsWorldElon Musk, Zuckerberg’s fortune doubled as poorest got poorer since 2020: 10 stunning points from Oxfam report
First Published:15 Jan 2024, 10:15 AM IST
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