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 US House Oversight Committee has published roughly 20,000 pages of documents from the sex offender’s estate
US Democrats have released an email in which convicted sex offender Jeffrey Epstein claimed that President Donald Trump was aware of women procured for sex trafficking.
The email is part of some 20,000 pages of documents from Epstein’s estate published by the US House Oversight Committee on Wednesday. The documents include correspondence between Epstein and his close associate Ghislaine Maxwell, who is currently serving a 20-year sentence for sex trafficking and related offenses.
In a 2011 email, Epstein wrote to Maxwell that a victim, whose name was redacted, “spent hours at my house with him,” referring to Trump. In a 2019 email to journalist Michael Wolff, Epstein said Trump “knew about the girls as he asked (Ghislaine) to stop.”
The documents show Epstein referenced Trump multiple times, calling him “borderline insane,” a “maniac,” and “f**king ...
US President Donald Trump has called on Israel’s president to pardon Prime Minister Benjamin Netanyahu in a move widely seen as political meddling in favor of an embattled ally, who is wanted by the International Criminal Court for war crimes and crimes against humanity.
Israel’s presidential office released a statement on Wednesday, confirming that Trump sent a letter to President Isaac Herzog urging him to dismiss Netanyahu’s legal case.
“I hereby call on you to fully pardon Benjamin Netanyahu, who has been a formidable and decisive War Time Prime Minister,” Trump wrote on social media.
Trump praised Netanyahu’s aggressive policies towards Iran as commendable, framing them as a justification for dismissing the corruption charges.
“While I absolutely respect the independence of the Israeli Justice System, and its requirements, I believe that this ‘case’ against Bibi, who has fought alongside me for a long time, including......more below
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Dozens of Israeli settlers have launched a wide-scale attack on industrial and agricultural facilities in the northeastern sector of the West Bank, sparking major fires and injuring several Palestinians amid a surge of settler violence in the occupied territory.
The official Palestinian news agency WAFA, citing local sources, reported that settlers set fire to multiple vehicles, including four trucks belonging to a dairy factory in al-Lada’in industrial zone near the town of Beit Lid east of Tulkarm, and caused damage to the facility itself.
Settlers also destroyed nearby farmland, metal sheds, and tents used by a small Bedouin community living in the area.
Videos posted online show smoke engulfing the area, with Palestinian women heard shouting in the background, and men carrying extinguishers and water buckets scrambling to put out the fires.
Footage shows torched trucks, tents, and metal sheds, and smashed car windows......more below
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