Oxfam says billionaires’ wealth rise as global inequality worsens

(MENAFN) Global charity Oxfam reports that the world’s billionaires increase their wealth by $2.5 trillion over the past year—an amount that could eliminate extreme poverty 26 times over—highlighting the widening gap between the ultra-rich and the rest of the population.

Oxfam describes the current period as a “Billionaire’s decade,” noting that while the fortunes of the super-rich skyrocket, nearly half of the world’s population still lives in poverty, and one in four people do not consistently have enough food. The number of billionaires globally reaches 3,000 for the first time.

The report also details how the super-wealthy increasingly leverage political influence and media power to shape economies and societies to their advantage. “Almost half of people surveyed in 66 countries say that ‘the rich often buy elections’ in their country,” Oxfam says, a factor contributing to widespread protests.

It adds, "Extreme wealth is increasingly translating into political power, with billionaires estimated to be 4,000 times more likely to hold political office than ordinary citizens."

Governments, the report notes, often respond to unrest by restricting civil liberties. “Tens of millions of people, feeling trapped in poverty and powerless to influence the system, are taking to the streets but they are met with authoritarian measures,” Oxfam states.

The organization calls on governments to act urgently to address extreme inequality, protect democracy, and uphold citizens’ rights. Recommended measures include taxing the super-rich, tightening rules on lobbying and campaign financing, and ensuring ordinary people and civil society groups can protest and organize without fear.

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