Oxfam International, an anti-poverty advocacy group based in Africa, said in its annual inequality report that the world could see its first trillionaire within the next 10 years, while it would take 230 years to eradicate poverty.
The group published its report, Inequality Inc., ahead of the annual World Economic Forum in Davos, Switzerland.
"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. Hardship and hunger are a daily reality for many people worldwide. At current rates, it will take 230 years to end poverty, but we could have our first trillionaire in 10 years," Oxfam said in its report.
"Further, since 2020, five billion people have become poorer, while the world's five richest men have more than doubled their fortunes — at a rate of $14 million per hour," Oxfam wrote.
One of Oxfam's proposed solutions is to institute a wealth tax on multimillionaires and billionaires that could generate $1.8 trillion per year.
Sen. Bernie Sanders, I-Vt., wrote the foreword for Oxfam's report.
"Billionaires become richer, the working class struggles, and the poor live in desperation. That is the unfortunate state of the world economy," Sanders wrote.
Oxfam highlighted the six ways it says corporate power is worsening inequality:
- Corporations are generating income inequality.
- Corporate power increases racial and gender inequality.
- Billionaires are reaping the profits.
- Corporations are not paying their fair share.
- Monopolies are giving an elite few massive power.
- The economic system has created a new type of colonialism.
"Thanks to organizations like Oxfam, more and more people throughout the world are making the connections between the harsh economic reality of their lives and the destructive nature of our uber-capitalist system which rewards greed and profiteering above any other human value," Sanders added.
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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