Representative image showing wealth disparity
Credit: iStock Photo
Davos: Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group Oxfam said on Monday.
Releasing its annual inequality report on the first day of the World Economic Forum (WEF) Annual Meeting here, Oxfam said seven of 10 of the world's biggest corporations have a billionaire as a CEO, or principal shareholder.
It further said that 148 top corporations made $1.8 trillion in profits, 52 per cent up on three-year average, and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay.
Oxfam called for a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes.
The world's five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 'at a rate of $14 million per hour', while nearly five billion people have already been made poorer in this 'decade of division', said the Oxfam report on inequality and global corporate power.
"If current trends continue, the world will have its first trillionaire within a decade but poverty won't be eradicated for another 229 years," it said.
Titled Inequality Inc., the report said seven of ten of the world's biggest corporations have a billionaire as CEO, or principal shareholder, and these corporations are worth $10.2 trillion, equivalent to more than the combined GDPs of all countries in Africa and Latin America.
"We are witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires' fortunes boom. This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else," Oxfam International interim Executive Director Amitabh Behar said.
Despite representing just 21 per cent of the global population, rich countries in the Global North own 69 per cent of global wealth and are home to 74 per cent of the world's billionaire wealth, Oxfam said.