Friday, January 19, 2024

Wealth Gap Increasing

In their report, Inequality Inc, Oxfam finds that 
Since 2020, the richest five men in the world have doubled their fortunes. During the same period, almost five billion people globally have become poorer.

Oxfam estimates that the wealth of the bottom 60 percent of the world population (4.8 billion people with about 2.26 percent of total wealth) decreased from $10.51 trillion to $10.49 trillion (in constant dollars) from 2019 to 2022 (down 0.2 percent).  This amounts to about $2000 per person.

Meanwhile, the world's 2566 billionaires grew their wealth from $9.58 trillion to $12.84 trillion (in constant dollars) from 2020 to 2023 (up 34 percent).  This amounts to about $5,000,000,000 per billionaire.

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