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.
The government is warning people not to travel to Israel under any circumstances, as the country’s missile exchange with Iran shows no sign of abating.
On Friday, the Foreign Office warned against “all but essential travel” to most of Israel.
The areas around Gaza, the West Bank and the Golan Heights were already classed as red zones, with warnings to avoid travel to these areas.
But the government has now updated the warning for the remainder of the country to red.
This puts Israel on the same level as Iran, and the change of advice is also likely to impact travel insurance.
However, with Israel’s airspace closed, it is unlikely many people will be attempting the journey, and Israel’s national airline El Al has announced it is cancelling flights to and from many European cities, as well as Tokyo and Moscow, until 23 June.
The change in travel advice comes after a second night of ballistic missile barrages from Iran following Israel’s attack in the early hours of Friday morning.
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An eight-storey residential building in Tel Aviv was hit by a missile last night.
On Sunday morning, Israel’s health ministry said 12 people had been killed over the past day, taking the total since Friday to 15. It also said 385 people had arrived at hospital with injuries overnight.
Iran has not provided a total number of deaths or overall casualties, but has claimed dozens have been killed.
Iran’s health minister has said most of those injured and killed in Israeli strikes were civilians. According to comments carried by news agency IRNA, he said the majority were women and children.
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The chancellor said UK forces could “potentially” be used to help defend Israel.
The UK government is sending military assets, including fighter jets, to the Middle East.
While the prime minister would not confirm to reporters that UK forces could be used to defend Israel from future Iranian attacks, the chancellor told Sky News earlier that the government is “not ruling anything out”.
Speaking to Sky’s Sunday Morning With Trevor Phillips, Rachel Reeves said sending military assets to the Middle East “does not mean that we are at war”, and emphasised that “we have not been involved in these strikes or this conflict”.
“But we do have important assets in the region,” she continued. “And it is right that we send jets to protect them. And that’s what we’ve done. It’s a precautionary move, and at the same time, we are urging de-escalation.”
Pushed on the question of what the UK would do if Israel asked for support with its operations, the chancellor replied: “I’m not going to rule anything out at this stage. It’s a fast-moving situation, a very volatile situation. But we don’t want to see escalation.”
A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.
The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.
The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.
It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.
The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.
Officials said the crash was believed to have been caused by poor weather conditions.
Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.
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The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.
Image: Smoke and debris at the site. Pic: Reuters
Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.
Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.
Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.
In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.
An Irish politician who was detained in Egypt trying to cross into Gaza says the police were violent towards the group after seizing his phone.
People Before Profit-Solidarity TD (MP) Paul Murphy was part of a large demonstration attempting to march to the Rafah crossing in a bid to get aid into the region.
The opposition politician said his phone and passport were confiscated on Friday before he was put on a bus to Cairo airport for deportation.
Footage of the seconds before his phone was seized shows authorities forcibly dragging protesters away from the sit-down demonstration.
Ireland’s deputy premier said several Irish citizens who were detained have now been released. Mr Murphy confirmed he was among the released protesters, posting a photo on his Facebook page saying he was back in Cairo and “meeting shortly to decide next steps”.
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In a message from Mr Murphy after he was detained, posted online by his social media team, he said: “I’m ok, but they still have my phone.
“Egyptian police say we’re going to airport but this isn’t the road we came on because there are 1000s of marchers on the streets. They’re taking us south past a lake, then west towards Cairo.
“Violence got worse after they seized my phone.
“One American woman in my group was badly kicked & beaten, and had her hijab torn off.”
Sky News has contacted Egypt’s police regarding Mr Murphy’s claims of violence towards the group.
Mr Murphy previously said other Irish citizen were among those who had been stopped from entering Gaza.
“The world has watched a horrific genocide for the past 20 months. Since March, a total attempt of starvation,” he added.
“And that this is a peaceful march to demand that it be ended and demand that western governments stop their complicity.”
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Mr Murphy’s partner, Councillor Jess Spear, had previously appealed to Ireland’s Foreign Affairs Minister and deputy premier Simon Harris to make a public statement on Mr Murphy’s detention.
She expressed “relief” that the group had been released from detention.
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The deadly road to Gaza aid point
She said: “However, they still want to reach Rafah to try and get humanitarian aid into Gaza. That has been the sole purpose of being in Egypt.
“Paul has appealed to Tanaiste Simon Harris to put pressure on the Egyptian authorities to let the marchers reach Rafah. The situation of the people of Gaza worsens by the day as they suffer starvation imposed by Israel.”