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17.01.2023 |

Richest 1% have captured almost two-thirds of all new wealth since 2020

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Poverty and wealth are often found side by side (Photo: CC0)

Poverty has increased for the first time in 25 years and, at the same time, the richest have become dramatically richer since the pandemic began. Since 2020, the richest 1% have captured almost two-thirds of all new wealth – nearly twice as much money as the bottom 99% of the world’s population. Food and energy companies more than doubled their profits in 2022 while over 800 million people went to bed hungry. These are just some of the sad messages of a new policy paper published by development organization Oxfam on January 16th, the opening day of the World Economic Forum in Davos, Switzerland, where elites are gathering for their annual meeting in the Swiss ski resort. “Survival of the Richest” shows that billionaire fortunes are increasing by $2.7 billion a day while at least 1.7 billion workers now live in countries where inflation is outpacing wages. “While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams,” said Gabriela Bucher, Executive Director of Oxfam International. “Just two years in, this decade is shaping up to be the best yet for billionaires – a roaring ‘20s boom for the world’s richest.” [+] more ...

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