He Oxford Hunger Relief Committee (Oxfam) alerted by the growth of economic inequality in the world, reflected in the fact that the five richest people on the planet doubled their fortune in three years and that if the situation is not reversed, it would take 229 years to eliminate poverty.
The entity, which presents reports on economic inequality shortly before the start of the World Economic Forum which takes place in the Swiss city of Davos, maintained that “transformative public action is urgent” that prioritizes public services, defends greater regulation of companies and applies “permanent taxes on wealth and excessive profits.”
“Since 2020, the combined wealth of the world’s five richest men has more than doubled, from $405 billion to $869 billion, an increase of $14 million per hour”indicated the organization created in 1942.
In contrast, he pointed out that “the wealth concentrated by nearly 5 billion people has decreased” and at this rate “the world’s first billionaire could appear in just 10 years, while it would take 229 years to eradicate poverty globally.” .
The report titled “Inequality SA” reveals that “seven of the 10 largest companies in the world have a billionaire as president or main shareholder” and that the combined market value of these companies is US$ 10.2 trillion, more than the combined gross product of all the countries in Africa and Latin America.
“We are witnessing what seems like the beginning of a new decade of great division, in which billions of people face the economic effects of the pandemic, inflation and war, while the fortunes of billionaires grow exorbitantly” , said the acting executive director of Oxfam, International, Amitabh Behar.
He also warned that “the growing power of large companies and monopolies has become a machine for generating inequalities” in which “while they squeeze workers, they set up aggressive tax avoidance schemes, privatize public services and accelerate the collapse climate change, they channel enormous amounts of wealth to their already ultra-rich owners.
Oxfam urged governments to “rapidly and dramatically reduce the gap between the super-rich and the rest of society” and to this end gave a series of recommendations, such as “revitalizing the State” in order to make it “dynamic and effective.” and that guarantees “the provision of public services such as health or education, as well as exploring alternatives and public goods in sectors such as energy or transportation.”
On the other hand, he called for “containing corporate power by ending monopolies and democratizing patent regulation,” legislating “in favor of living wages, limiting the salaries of top managers, and applying new taxes to the super-rich and large corporations.” companies”.
Source: Ambito
