Title: The widening wealth gap: World’s richest 1% gain $40 trillion in a decade, claims Oxfam
The last decade has seen an unprecedented surge in wealth concentration, with the richest 1% of the world’s population increasing their collective net worth by a staggering $40 trillion. This is according to a report by the global poverty organization, Oxfam International.
The report, released to coincide with the World Economic Forum (WEF) in Davos, Switzerland, reveals that the total wealth held by the top 1% has increased by an astonishing 21% between 2010 and 2019. This amount is equivalent to more than 4 times the current gross domestic product (GDP) of Africa, the poorest continent.
Meanwhile, the majority of the global population, around 60%, has seen little to no growth in their incomes over the same period. In fact, Oxfam estimates that over the past decade, the poorest 10% of the population have been unable to escape the poverty trap, with many facing devastating consequences.
“We are not just witnessing an increase in income inequality, but also a growing threat to social and political stability,” said Mark Goldring, Chief Executive of Oxfam GB. “As wealth is increasingly concentrated in the hands of the few, the voice of the majority is being silenced. We need urgent action to address the power imbalance between the richest and the rest.”
The report also highlights the devastating impact of tax policies on inequality. Oxfam claims that over the past decade, wealthy individuals and corporations have successfully exploited loopholes and tax havens to avoid paying their fair share of taxes, depriving governments of crucial revenue needed to fund public services and infrastructure.
Furthermore, the report notes that women, young people, and marginalized communities have been disproportionately affected by the widening wealth gap. “We are seeing a lost generation of young people being forced to live on the streets, women facing gender-based violence, and communities being denied access to healthcare and education,” said Goldring.
In response to the alarming findings, Oxfam is calling for governments to implement radical reforms to reduce inequality, including increasing taxes on the wealthy, addressing tax evasion and avoidance, and ensuring that corporations pay their fair share. The organization is also urging wealthy individuals and philanthropists to make a commitment to share their wealth and assets more fairly.
While the report highlights the magnitude of the problem, it also offers a glimmer of hope. “There is a growing awareness that something is fundamentally wrong with the system, and people are demanding change,” said Goldring. “It is time for policymakers, businesses, and individuals to join forces and build a more equal society, where the wealth is shared and prosperity is truly shared.”
In conclusion, the Oxfam report paints a stark picture of a world where the haves have grown ever wealthier, while the have-nots have struggled to make ends meet. As we navigate the complex and interconnected global economy, it is crucial that we acknowledge the stark realities of income inequality and work together to create a more equitable society for all.
https://www.france24.com/en/live-news/20240725-world-s-richest-1-gained-40-tn-in-a-decade-oxfam