Tag: Poor

Posted on

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

Posted on

World’s richest 1% create carbon emissions equal to the poorest 66%

Carbon output

That’s a shocking headline

The world’s richest 1% of people are responsible for around the same percentage of global carbon emissions as the 5 billion people who represent the 66% poorest, according to a report published by Oxfam.

In the report he wealthiest 10% were responsible for 50% of global emissions, it found, while the bottom 50% were responsible for just 8%.

The top 1% represents 77 million people and is defined in the report as having an estimated income threshold of $140,000 per year, and an average income of $310,000.

The report states that personal consumption varies depending on factors such as location, use of renewable energy and transport where the very wealthiest contribute significantly more due to the use of private jets and yachts.

It also includes between 50% and 70% of emissions by the 1% coming through investments in companies, measured by taking firms’ reported emissions and distributing that proportionate to shareholder ownership of those firms by the 1%.

See report here.