Billionaires have seen their worth double amid COVID-19 aftershocks and global inflation.
Poverty inequality across the world is exploding, with the rich hoarding a disproportionate amount of global wealth while the already vulnerable are getting fewer resources.
That’s according to a new report released this week by the nongovernmental organisation Oxfam. The charity publishes an annual report on world poverty to coincide with the yearly World Economic Forum (WEF) in Davos, Switzerland. The forum is a gathering of the world’s business elite – from CEOs of big corporations to self-made billionaires – to discuss global trade issues.
The world’s five richest men — LVMH chief Bernard Arnault, Amazon’s Jeff Bezos, investor Warren Buffet, Oracle co-founder Larry Ellison and Tesla CEO Elon Musk — have seen their wealth double since 2020 and are earning $14m an hour, Oxfam’s report said.
But while the world’s few rich elite pile up wealth, world poverty has increased for the first time in nearly three decades, Oxfam said.
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