According to Oxfam, the world’s five wealthiest individuals have significantly increased their fortunes since 2020.
Their combined wealth rose from $405 billion in 2020 to $869 billion last year.
Meanwhile, Oxfam reports that nearly five billion people globally have become poorer during the same period.
Oxfam, an international NGO of charitable organizations, focuses on alleviating global poverty and is known for advocating on issues like inequality and justice.
The world billionaires saw their wealth grow by $3.3 trillion amid global economic challenges, including the COVID-19 pandemic.
The NGO releases its annual global inequality report right before the World Economic Forum in the Swiss Alps each year.
The report expresses concerns over growing global inequality.
It highlights that the wealthiest are gaining more wealth and power, partly due to rising stock prices.
The organizations emphasize that corporate influence is driving this inequality.
This includes exploiting workers, enriching shareholders, avoiding taxes, and privatizing the public sector.
Corporations, Oxfam argues, have effectively fought against taxes, impacting society broadly.
They have gained influence overwages, food prices, and access to essential medicines by exerting control over monopolies.
The NGO also pointed out the role of intense lobbying in shaping tax policies that favor lower corporate tax rates, thereby reducing government funds to aid the poor.
The report highlights a notable decrease in corporate taxes within OECD countries, from 48% in 1980 to 23.1% in 2022.
Oxfam suggests implementing a wealth tax on the world’s millionaires and billionaires to combat this growing disparity.
Such a tax could generate $1.8 trillion each year.
Additionally, Oxfam advocates for limiting executive salaries in large corporations and dismantling private monopolies to create a more equitable economic environment.