The world’s richest 1 per cent have more than twice the wealth of the rest of humanity combined, according to Oxfam, which called on governments to adopt “inequality-busting policies”.
In a report published ahead of the World Economic Forum’s annual meeting in Davos, the UK-based charity said governments are “massively under-taxing” rich individuals and corporations, and under-funding public services.
Oxfam’s Time to Care report also highlighted gender-based economic disparities, saying women and girls were burdened with disproportionate responsibility for care work and fewer economic opportunities.
“Economic inequality is out of control,” with 2153 billionaires having more wealth than 4.6 billion people in 2019, it said.
“Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women,” said Oxfam India chief executive Amitabh Behar. “No wonder people are starting to question whether billionaires should even exist.”