The world’s five richest people have doubled their wealth since 2020, while 60% of the world’s poorest people have lost money, Oxfam research shows, citing The keeper.
The gap between rich and poor has widened and will lead to the creation of the first “trillionaire” in the next decade. The study warns that if this trend continues, poverty will not be eradicated within 229 years.
Oxfam reports that the wealth of the richest people has risen to three times the rate of inflation. Seven out of ten large companies have a billionaire CEO or major shareholder.
The wealth of the world’s five richest people (Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg) has increased by 114% since 2020.
Over the same period, the wealth of 4.7 billion people (the poorest 60% of the population) decreased by 0.2%.
“People are working longer, longer hours and for low pay in unstable and insecure occupations,” the study says.
In addition to the fortunes of the richest, corporate profits have also increased exponentially.
Author: morning Post
Source: CM Jornal
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.