According to a report by Oxfam Intermón presented at the World Economic Forum in Davos, 1.7 billion workers live in countries where inflation exceeds wage inflation, and more than 820 million people worldwide (about one in ten) suffer hungry.
The wealthiest 1% of the population amassed nearly two-thirds of the new wealth (worth $42 trillion) generated globally between December 2019 and December 2021, nearly double that of the remaining 99% of the population.
This is according to a new report from Oxfam Intermon‘The law of the richest’, which appears on the occasion of the start of the World Economic Forum in Davos, Over the past decade, the richest 1% have accumulated about 50% of the new wealth.
The NGO explains that for every dollar of new global wealth that a person from the poorest 90% of humanity receives, a billionaire is left with $1.7 million. A) Yes, Billionaires’ fortunes grow by $2.7 billion a day.
“The elites are coming together in a context where extreme wealth and poverty in the world have increased simultaneously for the first time in 25 years,” said Franc Cortada, director of Oxfam Intermón.
Similarly, the NGO has highlighted that at least 1.7 billion workers live in countries where inflation growth exceeds wage growth, and that more than 820 million people worldwide (about one in ten) are starving. “Women and girls often eat last and least at home and account for nearly 60% of the world’s hungry population,” she stressed.
Last year, energy and food companies doubled their profits and paid out $ 257 billion (just under $ 240 billion) in dividends to their shareholders, compared to more than 800 million people “who go to bed hungry every night”.
Inequality is on the rise, also in Spain
From 2020, the collective value of the wealth of the Spanish billionaires has increased by nearly $3 billion, equivalent to one increase approximately 3 million dollars a daysaid Oxfam.
The report also reveals that the benefit of companies in the IBEX 35 as a whole, it was 63% higher than in 2019 and 55% above the average of the results of the five pre-pandemic years (between 2015 and 2019). In the third quarter of 2022, they announced results that were 30% higher than those of the same period of the previous year.
“We are facing a crisis fueled by a few big companies and the super-rich who have taken advantage of the context of uncertainty, the pandemic and the war in Ukraine. take a sliceinflating prices and margins, at the expense of a vast majority,” Cortada stated.
In this way, Oxfam Intermón asks the Spanish government to “immediately promote an income pact together with all social actors, to prevent wages from continuing to suffer from the direct consequences of inflation”.
Claims against governments
The NGO Oxfam urges in its report to raise taxes on large fortunes to 75%, to reduce growing inequality and the consequences of a “polycrisis” due to the rise in inflation, the aftershocks of the pandemic and mitigate the effects of phenomena such as droughts, cyclones and floods.
The main conclusion of the study is that if a welfare tax of up to 5% to billionaires and billionaires could bring in $1.7 trillion (1.5 trillion euros) annually, helping 2 billion people lift themselves out of poverty, in addition to funding a global plan to end make of poverty.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
