The non-governmental organization Oxfam condemned on Monday, before the annual meeting of the World Economic Forum in Davos, dpa and AFP reported. The organization calls on states to take measures to reduce the influence of the super-rich on fiscal policy.

“We can no longer continue with such obscene levels of inequality,” Oxfam International interim director Amitabh Behar said in an interview with AFP, concluding that “this capitalism is at the service of the ultra-rich.” Agerpres.

The fortunes of the five richest people on the planet increased from $405 billion in 2020 to $869 billion in 2023 – helped by favorable stock market performance and their participation in the capital of multinational companies, while the fortunes of billionaires in general increased by $3.3 trillion in the same range

At the same time, almost 5 billion people – 60% of the poorest – have become even poorer.

If the current rate of growth is maintained, Oxfam concludes, in about 10 years the first “trillionaire” – the owner of a fortune of 1 trillion dollars – may appear in the world.

On the other hand, global poverty would not be eradicated even after 230 years.

“Billionaires are getting richer”

“Billionaires are getting richer, the working class is struggling, and the poor are living in despair. This is unfortunately the state of the world economy,” US Senator Bernie Sanders wrote in the foreword to the Oxfam study.

“Never in the history of mankind have so few had so much. Never before in human history has there been such inequality of income and wealth. And never before have we seen such an unprecedented level of greed, arrogance and irresponsibility on the part of the ruling class,” Sanders said.

According to Oxfam, as of 2020, the five richest people earned an average of $14 million an hour; the total wealth of all the world’s billionaires grew three times faster than the rate of inflation.

At the same time, 4.77 billion people, the poorest 60%, lost a total of $20 billion in wealth as of 2020, and 791 million workers’ wages did not keep pace with inflation; on average, each lost nearly one month’s salary over two years.

Serap Altinisik, director of Oxfam Germany, is aware that society is facing a difficult challenge that continues to grow.

“While billions of people have to endure the shock waves of the pandemic, inflation and war, the fortunes of billionaires are booming,” she condemned.

Oxfam is calling for a tax on the super-wealthy, with the proceeds invested in measures to combat climate change and expand access to education, healthcare and social security.

Oxfam estimates that additional taxation of millionaires and billionaires could bring in $2.5 trillion a year.