Ahead of the World Economic Forum in Davos, Oxfam International has reported a stark increase in billionaires' wealth, which surged three times faster in 2024 than the previous year. Notably, Oxfam projects five trillionaires will emerge over the next decade, a significant leap from its earlier forecast of one. The organization's report, titled "Takers Not Makers," was released as approximately 3,000 influential figures gather in the Swiss Alps. It presents a grim picture of inequality, pointing out that global poverty levels have stagnated since 1990.
Oxfam advocates for governments to impose higher taxes on the ultra-wealthy and to dismantle what it calls the "new aristocracy." This aligns with outgoing President Joe Biden's recent call for billionaires to "pay their fair share." Highlighting ongoing global issues, Oxfam noted the striking disparity in earnings, with the world's 10 wealthiest individuals gaining an additional $100 million daily on average. The group also criticized the economic system, suggesting that billionaires have substantial sway over economic and social policies that further enrich them.
This conversation takes place amidst the backdrop of the annual Davos meeting, which will cover issues such as economic inequalities, AI advancements, and geopolitical tensions. Donald Trump, starting his second presidential term, will participate by video on Thursday, with discussion topics including conflicts in Ukraine and Sudan, and a recent cease-fire between Hamas and Israel. (This story was generated by Newser's AI chatbot. Source: the AP)
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