OXFAM REPORT 

THE RICH GET RICHER, THE POOR GET POORER 

Published By MintGenie Team | 16 Jan, 2024
Seven out of 10 of the world's largest corporations have a billionaire as CEO or principal shareholder, despite stagnating living standards for millions of workers globally.
Credit : UNSPLASH
The world's billionaires collectively became $3.3 trillion richer in 2023, growing three times faster than the rate of inflation.
Credit : PINTEREST
The combined wealth of the top five richest individuals—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—increased by $464 billion, marking a 114% growth.
Credit : PINTEREST
The total wealth of the poorest 4.77 billion people, constituting 60% of the world population, declined by 0.2% in real terms.
Credit : PINTEREST
In 52 countries, average real wages for nearly 800 million workers fell, resulting in a combined loss of $1.5 trillion over the last two years, equivalent to 25 days of lost wages per worker.
Credit : PINTEREST
The most recent Gini index revealed that global income inequality is comparable to that of South Africa, which holds the highest inequality in the world.
Credit : PINTEREST
The 148 largest corporations globally recorded a 52% increase in total net profits, amounting to $1.8 trillion in the year to June 2023, compared with average net profits in 2018-21.
Credit : PINTEREST
The wealthiest 1% of the world owns 59% of all global financial assets, encompassing stocks, shares, bonds, and stakes in privately held businesses.
Credit : UNSPLASH
Despite economic crises, including the Covid pandemic, billionaires collectively grew $3.3 billion richer than in 2020.
Credit : PINTEREST
Oxfam emphasizes that states have relinquished power to monopolies, enabling corporations to influence wages, food prices, and individuals' access to medicines.
Credit : PINTEREST