The world's five wealthiest individuals have doubled their net worth since 2020, reaching $869 billion, as per Oxfam's annual inequality report.
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Poorestpopulation suffers
Meanwhile, the poorest 60% or nearly five billion people globally have become poorer.
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Billionaires' wealth skyrockets
Overall billionaires' wealth has increased by $3.3 trillion or 34% since 2020, with seven out of 10 of the largest global corporations having a billionaire CEO or primary shareholder.
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Top 1% dominates
The top 1% globally owns 43% of total financial assets, and 148 major corporations made $1.8 trillion in profits in the year leading up to June 2023.
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Oxfam's urgent intervention
Oxfam urges governments to intervene and tackle the widening wealth gap by breaking up monopolies, empowering workers, and taxing massive corporate profits.
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Widespread wage drops
Average real wages across 52 countries have dropped for nearly 800 million workers, who have lost a combined $1.5 trillion over the past two years.