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The combined wealth of the world's five richest people has more than doubled to $869 billion since 2020, while five billion people have become poorer, according to Oxfam.
Oxfam called on governments on Monday to curb corporate power by breaking up monopolies; imposition of taxes on excess profit and wealth; and promoting alternatives to shareholder control, such as forms of employee ownership.
Their expert report estimated that the world's top 148 corporations made $1.8 trillion in profits, 52 percent more than the 3-year average, allowing for big payouts to shareholders even as millions of workers faced a cost-of-living crisis. as inflation led to lower wages in real terms.
“This disparity is no accident; the billionaire class is ensuring that corporations provide more wealth to them at the expense of everyone else,” said Oxfam International Executive Director Amitabh Behar.
The increase in the inflation-adjusted wealth of the top five billionaires was driven by strong gains in the assets of Tesla CEO Elon Musk, LVMH chief Bernard Arnault, Amazon's Jeff Bezos, Oracle co-founder Larry Ellison and investor Warren Buffett.
Meanwhile, nearly 800 million workers saw their wages not indexed to inflation over the past two years.
Of the 1,600 largest corporations in the world, only 0.4% of them have publicly committed to paying workers a wage that would best meet their living needs.
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