The world’s five richest men have more than doubled their fortunes to £688bn in three years – while the wealth of the poorest 60% has fallen, according to Oxfam.
It says the first trillionaire could emerge within a decade but that poverty won’t be eradicated for 229 years.
The charity’s report, Inequality Inc, comes as business and political leaders meet for the World Economic Forum in the upmarket Swiss ski resort of Davos.
It’s traditionally used the occasion to highlight the divide between rich and poor, but this year says the gap has been “supercharged” since the pandemic.
The fortunes of Tesla boss Elon Musk, Bernard Arnault – owner of luxury goods firm LVMH, Amazon founder Jeff Bezos, Oracle’s Larry Ellison and investment guru Warren Buffet, have increased 114% in real terms since 2020, says Oxfam.
Their collective wealth is said to have grown from £321bn to £688bn.
Musk alone is estimated to be worth about £180bn, according to the real-time Forbes list Oxfam used for its calculations.
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However, the 4.7 billion people who make up the world’s poorest 60% have become 0.2% poorer in real terms, Oxfam says, with many countries unable to give the COVID financial support of richer nations.
Image: Davos is again hosting the renowned annual economic summit
The charity’s interim boss says the prospect of a trillionaire in the next 10 years – while poverty could take 200-plus years to resolve – was “totally unacceptable”
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“This ever-widening gulf between the rich and the rest isn’t accidental, nor is it inevitable,” said Aleema Shivji.
“Governments worldwide are making deliberate political choices that enable and encourage this distorted concentration of wealth, while hundreds of millions of people live in poverty.
“A fairer economy is possible, one that works for us all. What’s needed are concerted policies that deliver fairer taxation and support for everyone, not just the privileged.”
Oxfam is hoping its report can help pressurise policymakers in Davos for the 15-19 January summit.
Among those attending are Ukraine’s President Volodymyr Zelenskyy, Argentina’s new president Javier Milei, Chinese Premier Li Qiang, and European Commission chief Ursula von der Leyen.
Oxfam wants governments to reduce corporate power by measures such as breaking up monopolies, capping bosses’ pay and bringing in higher taxes on excess profit and wealth.
It’s also pushing for alternatives to the shareholder model, such as forms of employee ownership, and more fair-trade businesses.
Israel has said it will allow a “basic quantity of food” into the besieged enclave of Gaza to avoid a “starvation crisis” following a near three-month blockade.
Israeli Prime Minister Benjamin Netanyahu’s office said the decision was “based on the operational need to enable the expansion of the military operation to defeat Hamas“.
Gaza, where local authorities say more than 53,000 people have died in Israel’s 19-month campaign, has been under a complete blockade on humanitarian aid since 2 March.
It comes as global food security experts warn of famine across the territory and after a UN-backed reportfrom last Monday which warned one in five people in Gazawere facing starvation.
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3:14
Israel ramps up bombing in Gaza
The statement from the prime minister’s office said it would “allow a basic quantity of food to be brought in for the population in order to make certain that no starvation crisis develops in the Gaza Strip”.
“Such a crisis would endanger the continuation of Operation ‘Gideon’s Chariots’ to defeat Hamas,” it added.
“Israel will act to deny Hamas’s ability to take control of the distribution of humanitarian assistance in order to ensure that the assistance does not reach the Hamas terrorists.”
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Gaza is ‘a slaughterhouse’ says surgeon
It comes after a British surgeon working in Gaza said in a video to Sky News the enclave is now “a slaughterhouse” amid Israeli bombardment.
Israel has just ramped up its offensive in Gaza–where it’s been conducting a military campaign in retaliation for 1,200 people killed and 251 taken hostage by Hamas on 7 October 2023 – with Palestinian health officials reporting at least 130 people were killed overnight into Sunday.
Israel Defence Forces (IDF) confirmed troops had begun “extensive ground operations throughout the northern and southern Gaza Strip”.
The Hamas-run health ministry in Gaza said 464 people had died in Israeli military strikes in the week to Sunday.
In a statement on Sunday, IDF said its air force struck “over 670 Hamas terror targets throughout the Gaza Strip to disrupt enemy preparations and support ground operations” over the past week.
Israel has launched an escalation to increase pressure on Hamas, seize territory, displace Palestinians to the south and take greater control over the distribution of aid.
Pro-Western candidate Nicusor Dan has unexpectedly beaten hard-right populist George Simion in the Romanian presidential election.
Mr Simion,38, and his rival – a centrist who’s mayor of Bucharest – faced off in the second round of the contest.
According to the official tally, Mr Dan was leading by nearly nine percentage points with more than 98% of the votes counted.
Image: Pic: Reuters
Image: Mr Dan and his supporters celebrated the exit polls. Pic: Reuters
After exit polls suggested he wasn’t going to win, Trump-supporting Mr Simion rejected the result and said estimates put him 400,000 votes ahead.
Speaking after voting ended, Mr Simion said his election was “clear” as he posted on Facebook: “I won!!! I am the new President of Romania and I am giving back the power to the Romanians!”
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George Simion on Trump, the EU – and his message to UK
Romania’s last election was annulled after its highest court ruled the leading candidate, nationalist Calin Georgescu, should be disqualified due to claims of electoral interference by Russia.
The result is surprising because in the first round, 38-year-old Mr Simion, founder of the right-wingAlliance for the Unity of Romanians (AUR), took 40.96% of the vote – almost 20 points ahead.
Image: George Simion rejected the polls but official counting saw him slip behind. Pic: Reuters
Image: Supporters of Mr Dan celebrated on the streets of the capital Bucharest. Pic: AP
An opinion poll on Friday had it much closer, but still suggested the two men were virtually tied.
Mr Dan, a 55-year-old mathematician, is running as an independent and has pledged to clamp down on corruption.
He is also staunchly pro-EU and NATO, and has said Romania’ssupport for Ukraine is vital for its own security.
When voting closed at 9pm local time, 11.6 million people – about 64% of eligible voters – had cast ballots. About 1.64 million Romanians living abroad also took part.
Image: About 11.6 million people – 64% of eligible voters – cast ballots. Pic: AP
The election is being closely watched across Europe amid a rise of support for President Donald Trump.
After polls closed, Mr Dan said “elections are not about politicians” but about communities and that in the latest vote “a community of Romanians has won, a community that wants a profound change in Romania”.
“When Romania goes through difficult times, let us remember the strength of this Romanian society,” he said.
“There is also a community that lost today’s elections. A community that is rightly outraged by the way politics has been conducted in Romania up to now.”
Israel has said it will allow a “basic quantity of food” into the besieged enclave of Gaza to avoid a “starvation crisis” following a near three-month blockade.
Israeli Prime Minister Benjamin Netanyahu’s office said the decision was “based on the operational need to enable the expansion of the military operation to defeat Hamas”.
Gaza, where local authorities say more than 53,000 people have died in Israel’s 19-month campaign, has been under a complete blockade on humanitarian aid since 2 March.
It comes as global food security experts warn of famine across the territory and after a UN-backed reportissued last Monday which warned one in five people in Gaza were facing starvation.
Please use Chrome browser for a more accessible video player
3:14
Israel ramps up bombing in Gaza
The statement from the prime minister’s office said it would “allow a basic quantity of food to be brought in for the population in order to make certain that no starvation crisis develops in the Gaza Strip”.
“Such a crisis would endanger the continuation of Operation ‘Gideon’s Chariots’ to defeat Hamas,” it added.
“Israel will act to deny Hamas’s ability to take control of the distribution of humanitarian assistance in order to ensure that the assistance does not reach the Hamas terrorists.”
More on Gaza
Related Topics:
Please use Chrome browser for a more accessible video player
3:20
Gaza is ‘a slaughterhouse’ says surgeon
It comes after a British surgeon working in Gaza said in a video to Sky News the enclave is now “a slaughterhouse” amid Israeli bombardment.
Israel has just ramped up its offensive in Gaza, with Palestinian health officials reporting at least 130 people were killed overnight into Sunday.
Israel Defence Forces (IDF) confirmed troops had begun “extensive ground operations throughout the northern and southern Gaza Strip”.
The Hamas-run health ministry in Gaza said 464 people had died in Israeli military strikes in the week to Sunday.
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In a statement on Sunday, IDF said its air force struck “over 670 Hamas terror targets throughout the Gaza Strip to disrupt enemy preparations and support ground operations” over the past week.
Israel has launched an escalation to increase pressure on Hamas, seize territory, displace Palestinians to the south and take greater control over the distribution of aid.
This breaking news story is being updated and more details will be published shortly.