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The rich still get richer, the poorer people continue to lose money

2024-01-15 11:59:57Biznes SHKRUAR NGA REDAKSIA VOX
The rich still get richer, the poorer people continue to lose money
Davos, meeting studio 2024

The five richest men in the world as of 2020 have doubled their wealth. This is according to a recent study published by the Oxfam organization. In 2020, the five richest people in the world owned a fortune of 450 billion dollars. Meanwhile, this wealth has now increased to 869 billion dollars. Oxfam points out that all the billionaires in this time frame by 2023 have increased their wealth to 3.3 billion dollars, quoted by the news agency, KNA - this at a time when almost 5 billion of the poorest people in the world has lost 20 billion dollars of wealth.

The data comes as the world's richest people gather from today in Davos, Switzerland, for the World Economic Forum's annual meeting of political leaders, corporate executives and the super-rich.

The gap between rich and poor is likely to widen, the report points out, and will see the world crown its first trillionaire within a decade. At the same time, it warns that if current trends continue, world poverty will not disappear for another 229 years.

Highlighting a dramatic rise in inequality since the Covid pandemic, Oxfam said the world's billionaires were $3.3 trillion richer in 2020 and their wealth had grown three times faster than the rate of inflation.

The report, Inequality, reveals that seven of the world's 10 largest corporations have a billionaire as CEO or major shareholder, despite stagnant living standards for millions of workers around the world.

Compiled using data from research firm Wealth X, the report says the combined wealth of the world's five richest people – Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg – has increased by $464 billion, or 114%. Over the same period, the total wealth of the poorest 4.77 billion people – who make up 60% of the world's population – fell by 0.2% in real terms.

People around the world are working harder and longer hours, often for low wages, in insecure jobs, the report says. In 52 countries, average real wages for nearly 800 million workers have fallen. These workers have collectively lost $1.5 trillion over the past two years, the equivalent of 25 days of lost wages for each worker.

Reflecting the wealth of the super-rich, the report also says business profits have risen sharply despite pressure on households amid the cost-of-living crisis. 148 of the world's largest corporations have collectively amassed $1.8 trillion in total net profits in the year to June 2023, a 52% increase compared to average net profits in 2018-2021.


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