Billionaires’ fortunes grow by $2.7 billion a day

For every dollar of new global wealth received by a person from the bottom 90% of humanity, a billionaire pockets 1.7 million dollarswith a growth rate of 2,700 million dollars per day, according to a report by Oxfam Intermón published at the beginning of the Davos Forum.

“The elites are coming together in a context in which extreme wealth and extreme poverty in the world have increased simultaneously for the first time in 25 years”, says Franc Cortada, director of Oxfam Intermón.

According to the report, in the last decade, historical gains have been doubled. As an example, it stands out that since 2020, the joint value of the wealth of Spanish billionaires has warned at almost 3,000 million dollarswhich equates to an increase of approximately 3 million dollars a day.

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The richest 1% have hoarded almost two-thirds of the new wealth (valued at 42 trillion dollars), generated a global level between December 2019 and December 2021, which represents almost double that of the remaining 99% of humanity. Over the past decade, the richest 1% have captured around 50% of the new wealth.

income contrasts

“While the most vulnerable households struggle to fill the fridge or maintain an adequate temperature, the extraordinary growth of corporate profits in sectors such as energy and food has once again triggered the wealth of the richest”, Oxfam Intermón.

According to the organization’s estimates, 95 large energy and food companies have more than doubled their profits by 2022, showing extraordinary profits for a total of 306,000 million, and allocating 257,000 million (84%) to remunerate its wealthy shareholders. “This greed fuels inflation. In Australia, the United States and the United Kingdom, these huge corporate profits have contributed at least 50% of the growth in inflation,” the report says.

In the report, Oxfam Intermón points out that the family that owns 50% of the multinational Walmart received $8.5 billion of dividends over the past year. “In 2022 alone, the wealth of Indian billionaire Gautam Adani, owner of large energy companies, has increased by $42 billion (46%),” he adds.

In contrast to the situation of billionaires, the report states “at least 1.7 billion working men and women live in countries where inflation growth is above wage growth, and more than 820 million people worldwide (approximately one in ten) go hungry. Women and girls tend to eat last and least in households, and they represent almost 60% of the world population that suffers from hunger”.

BM / DE

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