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The 5 richest men in the world double their wealth, while the poorest 60 percent lose money

2024-02-06 13:36:55Lifestyle SHKRUAR NGA REDAKSIA VOX

The 5 richest men in the world double their wealth, while the poorest 60 percent

A concentration of global corporate and monopoly power is contributing to deepening inequality that is making the richest richer and the poorest poorer.

The world's five richest people have more than doubled their wealth since 2020, while the poorest 60 percent have lost money, according to an Oxfam report released Monday in Davos, Switzerland, where the Economic Forum is being held. Annual World (WEF).

According to data from research company Wealth X, the combined wealth of Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg, the five richest people in the world, has increased by 423.8 billion euros ($464 billion), or 114 % since 2020.

Within the same time frame, the world's poorest 4.77 billion people lost 0.2% of their wealth in real terms.

This means that while the world's billionaires were 3 trillion euros ($3.3 trillion) richer in 2023 than in 2020 with their wealth growing three times faster than the rate of inflation, almost five billion people have become poorer.

According to the international network, the huge gap between rich and poor is likely to continue to grow, leading to the creation of the world's first trillionaire within a decade. World poverty, on the other hand, will not disappear before 230 years, Oxfam estimates.

Existing inequality is partly due to the concentration of power in the hands of those who have an interest in making maximum profits for themselves rather than redistributing wealth among workers and society.

According to Oxfam's report, seven of the world's ten largest corporations have either a billionaire CEO or a billionaire, while the world's richest 1 percent own 43% of all global financial assets.

And this richest 1% emits as much carbon pollution, globally, as the poorest two-thirds of humanity. Also, it is no coincidence that the richest people in the world are all men. According to Oxfam, worldwide men own 95.9 trillion euros ($105 trillion) more wealth than women.

The network estimates that it would take 1,200 years for a female worker in the health and social sector to earn what a CEO at the largest Fortune 100 companies earns in an average year.


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