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/
Ghana is interested in purchasing a floating nuclear power plant from Russia, Ghanaian Ambassador to Russian Koma Steem Jehu-Appiah told Sputnik.
"I know that our minister of energy was here last year and signed a corresponding agreement. I think this is innovative, and in a conversation with the minister of energy, he said that the country is interested.
So, Ghana could purchase such a nuclear power plant," the diplomat said when asked about the possibility of Ghana purchasing a floating nuclear power plant.
Russia and Ghana began cooperation in the field of nuclear energy after signing an intergovernmental agreement in 2015.
The agreement outlined plans for joint work in the areas of training specialists, building nuclear power plants and related infrastructure, and providing maintenance services. In October 2023, representatives of Rosatom met with the Ghanaian Ministry of Energy in Cape Town. At the meeting, Russia proposed using floating nuclear power plants to supply power to ...
