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24 Feb 2024 04:20:58 UTC
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The Trillionaire Race: A Tale of Wealth and Inequality
The net worth of the world’s five richest individuals has more than doubled since 2020, increasing by 114% to $869 billion, according to Oxfam’s annual inequality report. The report suggests that if current trends persist, the world could see its first trillionaire within a decade.
However, nearly 5 billion people worldwide have become poorer due to factors such as inflation, war, and the climate crisis. The report estimates that it would take almost 230 years to eradicate poverty at the current rate.
Despite the increasing inequality, there are some positive developments. Workers have been improving their compensation and working conditions through strikes and deals, and some governments have been supporting policies to strengthen workers’ rights.
The report also highlights the rising fortunes of billionaires such as Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett. Overall, billionaires’ wealth has grown by $3.3 trillion, or 34%, since 2020, expanding three times faster than the rate of inflation.
Oxfam’s report argues that big businesses are making significant profits, contributing to the wealth of the rich. The top 1% holds 43% of the world’s financial assets. Some of the world’s largest corporations made nearly $1.8 trillion in profits in the 12 months leading up to June 2023, a 52.5% increase from their average between 2018 and 2021.
Oxfam is urging governments to intervene to curb runaway corporate power and inequality, break up monopolies, empower workers, tax massive corporate profits, and invest in a new era of public goods and services.
Source:
https://finance.yahoo.com/news/wealth-world-five-richest-men-000125543.html
...
https://www.youtube.com/watch?v=yfpJbW40IZQ
However, nearly 5 billion people worldwide have become poorer due to factors such as inflation, war, and the climate crisis. The report estimates that it would take almost 230 years to eradicate poverty at the current rate.
Despite the increasing inequality, there are some positive developments. Workers have been improving their compensation and working conditions through strikes and deals, and some governments have been supporting policies to strengthen workers’ rights.
The report also highlights the rising fortunes of billionaires such as Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett. Overall, billionaires’ wealth has grown by $3.3 trillion, or 34%, since 2020, expanding three times faster than the rate of inflation.
Oxfam’s report argues that big businesses are making significant profits, contributing to the wealth of the rich. The top 1% holds 43% of the world’s financial assets. Some of the world’s largest corporations made nearly $1.8 trillion in profits in the 12 months leading up to June 2023, a 52.5% increase from their average between 2018 and 2021.
Oxfam is urging governments to intervene to curb runaway corporate power and inequality, break up monopolies, empower workers, tax massive corporate profits, and invest in a new era of public goods and services.
Source:
https://finance.yahoo.com/news/wealth-world-five-richest-men-000125543.html
...
https://www.youtube.com/watch?v=yfpJbW40IZQ
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