Extreme wealth infographic
Graphic shows how richest have become wealthier since pandemic.
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BUSINESS

Increase in extreme wealth

By Duncan Mil

January 15, 2024 - The world’s five wealthiest men made more than $10 million an hour between 2020 and 2023, according to an Oxfam report released ahead of the World Economic Forum meeting in Switzerland.

Since 2020, the five wealthiest people in the world have seen their net worth rise from $340.1 billion to $718 billion.

“Oxfam’s new report finds an extraordinary concentration of wealth at the top, with the five wealthiest men — and they are all men — more than doubling their fortunes since 2020,” Abby Maxman, the president and CEO of Oxfam America, said in a statement.

Oxfam said that the wealthiest 1% also owns 43% of global financial assets. The share was higher in the Middle East, Asia and Europe, where the wealthiest owned upwards of 47% of wealth.

Though “the United States is home to the most billionaires on Earth, it is also home to tens of millions of people who face unnecessary hardship every day as a result of despicably low wages, an unfair tax code, and meagre public services, to name a few.”

Sen. Bernie Sanders, the Vermont independent who typically votes with Democrats, has introduced legislation to tax what he calls “extreme wealth”.

In a foreword to the Oxfam report, Sanders wrote about his desire to address the gap between the rich and working-class and poor people.

“Despite massive increases in worker productivity, real weekly wages for the average American worker are lower today than 50 years ago.”

Sources
PUBLISHED: 15/01/2024; STORY: Graphic News
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