As the world’s corporate and political elite convened in Davos, Switzerland for the first winter World Economic Forum in three years, an analysis published Monday by Oxfam International found that the global rich have captured nearly two-thirds of all wealth generated since 2020—a period marked by a devastating pandemic, worsening costs of living crises, and continued fallout from the climate emergency.
In a new report titled Survival of the Richest, Oxfam shows that the top 1% worldwide grabbed $26 trillion of the $42 trillion in new wealth created, close to twice as much as the bottom 99% of the global population.
Billionaires, in particular, have seen their wealth explode since 2020, adding around $1.7 million to their net worth for every $1 in wealth gained by a person in the bottom 90% of the global income distribution. According to Oxfam, billionaires’ fortunes have grown by an average of $2.7 billion per day since 2020.
— source commondreams.org | Jake Johnson | Jan 16, 2023