The collective fortunes of the super-rich have been increasing by $2.7 billion a day, a new study shows
Over the past two years, the richest 1% have amassed close to two-thirds of all new wealth created in the world, a new report by anti-poverty charity Oxfam revealed on Monday.
According to the report, a total of $42 trillion in new wealth has been created since 2020, with $26 trillion or 63% of that being amassed by the top 1% of the super-rich. The remaining $16 trillion was shared among the rest of the world.
“A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90%,” said the report, which was released on the opening day of the World Economic Forum in Davos, Switzerland.
Billionaires’ fortunes have reportedly increased by $2.7 billion a day over the past two years. This followed a decade of historic gains, with the number and wealth of billionaires having doubled over the past ten years.
Oxfam’s research highlighted that billionaire wealth soared in 2022 with rapidly rising food and energy profits. It said 95 food and energy corporations had more than doubled their profits last year. At the same time, at least 1.7 billion workers now live in countries where inflation is outpacing wages, and more than 820 million people – roughly one in ten people on Earth – are going hungry, Oxfam said.
READ MORE: Millions of Brits face falling living standards – study
“While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams. Just two years in, this decade is shaping up to be the best yet for billionaires – a roaring ’20s boom for the world’s richest,” said Gabriela Bucher, executive director of Oxfam International. She added that “taxing the super-rich and big corporations is the door out of today’s overlapping crises.”
“It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else. Forty years of tax cuts for the super-rich have shown that a rising tide doesn’t lift all ships – just the superyachts,” she concluded.
https://www.rt.com/business/569955-richest-grab-world-wealth/
All warfare is based on deception. Hence, when able to attack, we must seem unable; when using our forces, we must seem inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near. Sun Tzu, The Art of War
The Empire of Chaos is relentless. Lawfare, destabilizations, sanctions, kidnappings, color revolutions, false flags, annexations: 2025 will be the year of BRICS – plus BRICS partners – as choice targets under fire.
Inestimable Prof. Michael Hudson coined “chaos” as official US policy. That’s bipartisan – and it runs across all silos of the Deep State.
In the absence of long-term strategic vision, and amidst the progressive imperial expulsion from Eurasia, all that’s left for the Hegemon is to unleash chaos from West Asia to Europe and parts of Latin America – a concerted attempt to Divide and Rule BRICS and thwart their collective drive affirming sovereignty and the primacy of national ...
While NATO may be yearning to take on Russia in the Arctic, many of its troops lack the necessary expertise for survival in such extreme conditions.
Although NATO forces regularly participate in drills in the region, many remain unprepared for the harsh realities of Arctic life.
Though NATO forces routinely participate in the bloc’s drills in the region, many of them are still not prepared to survive in the Arctic’s harsh conditions, The Sun reports citing Minna Alander, a researcher at the Finnish Institute of International Affairs.
"Not all NATO allies have the capabilities that are needed and that work in the Arctic environment and climate,” Alander said.....more below
