Billionaires’ fortunes double as poverty deepens: Oxfam report on inequality
A recent report by Oxfam paints a stark picture of soaring inequality, highlighting how the wealth of the world's five richest men has doubled since 2020, reaching a staggering $869 billion, while nearly five billion people have been pushed further into poverty.
Titled "Inequality Inc.," the report was released just before the annual World Economic Forum (WEF) meeting in Davos. It reveals a concerning trend: billionaires are not only becoming richer, but their influence on major corporations is growing.
The report finds that seven out of the ten biggest companies globally are either run by or have a billionaire as their main shareholder. Since 2020, despite global economic crises like the COVID-19 pandemic, billionaires have amassed an additional $3.3 trillion in wealth.
The fortu...