According to the analysis published by the non-governmental organization on the occasion of the World Economic Forum in Davos, it would take more than two hundred years to eradicate poverty. Big companies and monopolies have become ‘a machine that generates inequality’, he criticizes.
The heritage of five richest men It has been duplicate since 2020, while almost 5 billion people they have impoverished since the beginning of the decade, according to the report on inequality (“Desigualdad SA”), prepared by the onegé Oxfam Intermón.
On the occasion of the launch of the World Economic Forum, which brings together business, political and academic leaders from numerous countries in the Swiss city of Davos, the non-governmental organization estimates that it may be necessary more than two centuries to eradicate poverty.
According to Oxfam, at the end of November 2023, the five richest men in the world were Elon Musk (X, former Twitter), Bernard Arnault (and his family/French luxury goods businessman), Jeff Bezos (Amazon), Larry Ellison (from the software sector) and Warren Buffet (American investor). It also says that seven of the ten largest companies in the world have a billionaire as president or main shareholder.
Specifically, the NGO says the combined fortunes of the world’s five richest men have risen from $405 billion to $869 billion – an increase of $14 million per hour—. Moreover, the combined market value of the mega companies amounts to 10.2 billion dollars, further that the gross domestic product (GDP) combined from all countries of Africa and Latin America.
“We are witnessing what appears to be the beginning of a new decade of great division, as billions of people face the economic fallout from the pandemic, inflation and war, while the fortunes of billionaires grow exponentially. Exorbitant,” said the acting director. of Oxfam International, Amitabh Behar, when the report was released. “This disparity is not a coincidence; billionaires allow big corporations to generate more wealth for them at the expense of the rest of the population,” he added.
As he explained, the growing power of big corporations and monopolies is “a inequality generating machine“and create tax avoidance schemes, privatize public services and accelerate climate collapse.
“These big companies also channel power, undermining our democracies and rights. No single company or individual should be able to monopolize so much power over our economies and our lives. In other words, no one should own $1 billion,” he stressed.
Faced with this profound inequality, the NGO reiterates that transformative public action is capable of giving priority for public servicesdefend and implement more regulation of big business, end monopolies permanent taxes on wealth and excessive profits.
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.
