Technology NewsDavos - The collective wealth of the super-rich has...

Davos – The collective wealth of the super-rich has increased by $2.7 billion per day

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According to Oxfam’s research, in the last 2 years, the richest 1% of the world earned twice as much as the remaining 99% in total.

True to the tradition of the world’s largest charity umbrella organization, Oxfam, the Davos World Economic Forum publishes its Global Inequality Report at the beginning of each year. The data released at this year’s event with the participation of the political and economic elite revealed that in the last two years, the richest 1 percent can claim almost two-thirds of all the new wealth created in the world.

According to the report, a total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, collected by the top 1% of the super-rich. The rest of the world shared the remaining $16 trillion.

Billionaires’ wealth has reportedly increased by $2.7 billion per day over the past two years. This followed a decade of historic growth: the number and wealth of billionaires doubled in the last ten years.

Oxfam’s research highlighted that the wealth of billionaires soared in 2022 along with fast-growing food and energy profits. According to the report, 95 food and energy companies more than doubled their profits last year. At the same time, at least 1.7 billion workers currently live in countries where inflation exceeds wages, and more than 820 million people – roughly one in ten people on Earth – are hungry, Oxfam said.

“While ordinary people make daily sacrifices for basic goods like food, the super-rich have exceeded even their wildest dreams. Just two years on, this decade promises to be the best decade yet for billionaires,” said Gabriela Bucher, Oxfam International’s executive director.

He added that “taxing the super-rich and big corporations is the way out of today’s overlapping crises.”

“It’s time to bust the convenient myth that tax cuts for the wealthiest mean that their wealth will somehow “trickle down” to everyone else. Forty years of tax cuts for the super-rich have shown that the tide doesn’t lift all ships – only superyachts” – concluded his speech.

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