Tag: Inequality

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Oxfam report says world’s five richest men have more than doubled their wealth in 3 years

Wealth

The world’s five richest men have increased their combined fortune from $405 billion in March 2020 to $869 billion in November 2023, according to a report from Oxfam.

Wealth increased at a rate of $14 million per hour for 5 people

A report by the charity highlighted the wealth of Tesla CEO Elon Musk, LVMH boss Bernard Arnault and family, Amazon founder Jeff Bezos, Oracle founder Larry Ellison, and investor Warren Buffett.

Oxfam is calling for restrictions on ‘corporate power’ to reduce the massive inequality between the super-rich and the rest of society. Two of the suggestions to correct the inequality is through capping CEO pay and introducing taxes on permanent wealth and excess profits.

This report was released to coincide with the Davos meeting as the rich and wealthy business leaders and bankers gather.

Oxfam says

  • Fortunes of five richest men have shot up by 114% since 2020.
  • Oxfam predicts the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty. 
  • A billionaire is running or the principal shareholder of 7 out of 10 of the world’s biggest corporations.
  • 148 top corporations made $1.8 trillion in profits, 52% up on 3-year average, and dished out huge payouts to rich shareholders while hundreds of millions faced cuts in real-term pay.
  • Oxfam urges a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes.

Full report here

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FTSE100 bosses earn UK average salary in just three days

Fat Cat Boss

According the High Pay Centre, a thinktank that campaigns for fairer pay, the average pay of FTSE 100 chief executives is 103 times the £33,000 average salary for full-time UK workers. 

This means that by lunchtime on the third working day of 2024, a FTSE 100 company boss will have been paid more than a UK worker’s full annual salary. 

So, this means that it takes approximately just three working days for a CEO to earn the FULL years pay of an average worker in the UK.

The study also shows that the pay gap between bosses and workers has increased since 2020, as executive pay has risen by 9.5% while worker pay has risen by only 6%.

Shocking inequality

This is a disturbing example of inequality in the UK workplace, which has been exacerbated by the cost-of-living crisis and the strike action by many low-paid workers. 

Some economists have called for UK government to intervene and reduce the unfair pay gap, such as putting workers on company boards, taxing wealth more fairly, and working with employers and unions to create better living standards.

Wealth creators

There is a place for wealth creators but not for greedy wealth takers. We need businesses to be successful to maintain good levels of employment. But unnecessary wealth greed has no place in our modern society.