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/
The Islamic Revolution Guards Corps’ (IRGC) Intelligence Unit says Iran will consider the Israeli regime’s shelters “legitimate targets” if residential areas in the country come under attack.
In a post published on social media platform X on Tuesday, the IRGC said that any strikes on residential areas in Iran would give Iran’s armed forces the right to attack Israeli shelters in the occupied lands.
The IRGC stated that it has intelligence on the blueprints and the exact locations of these shelters.
Iran began its Operation True Promise 4 after the US and Israel launched their joint military aggression against the Islamic Republic in late February by assassinating Leader of the Islamic Revolution, Ayatollah Sayyed Ali Khamenei, and several senior Iranian officials.
In its latest wave of attacks, the IRGC said it rained down missiles on the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
Iranian armed forces have also pounded American military bases and ...
In a fresh wave of retaliatory strikes, the Islamic Revolution Guards Corps (IRGC) targeted the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
The IRGC’s Public Relations Department said in a statement on Tuesday that it had carried out the 79th wave of its ongoing retaliatory Operation True Promise 4 against the Israeli and American targets.
Deploying powerful Kheybar Shekan, Emad, and Sejjil missiles alongside IRGC Aerospace Force kamikaze drones, the operation successfully breached the regime's multi-layered air defense systems, the statement said.
The missiles, it stated, targeted Israel’s intelligence facilities in northern and central Tel Aviv, as well as military commercial and support centers in Ramat Gan and the Negev.
The missiles also hit Israel’s southern military logistics and command headquarters in Beersheba.
The missile strikes triggered widespread panic across Israel and forced the suspension of a Knesset (parliament) session on Tuesday.
...
The Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
