Inequality crisis as world’s billionaires amass more wealth
Executive Director of Oxfam International Gabriela Bucher during the opening day of the annual World Economic Forum in Davos on January 16, 2023. Oxfam said the number of billionaires should be reduced by half by 2030 through higher taxes and other policies to make the world more equal. PHOTO | FABRICE COFFRINI | AFP
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
The world’s richest one percent pocketed at least $26 trillion, 63 percent of all new wealth created globally since 2020, even as the rest of the globe grapples with inflation, worsening income inequalities in the face of a worldwide economic recession, a new report suggests.
The Survival of the Richest Report released this week by international anti-poverty charity Oxfam shows that the wealth of the richest few will continue to skyrocket at the expense of the poor if governments do not curtail them through stringent tax measures.
