2024-01-17 05:18:00
Oxfam A non-profit organization that aims to alleviate the problem of poverty, reveals the inequality inc. report, which reports on the current inequality situation, finding that the 5 richest billionaires in the world Wealth increased 2 times from Mar. 2021 – Nov. 2023, with a net wealth value increased to $869 billion from $405 billion. and can make up to $14 million per hour.
The 5 billionaires mentioned here are:
Elon Musk CEO Tesla
Bernard Arnault and the family of the owner of the luxury brand empire LVMH
Jeff Bezos Founder of Amazon
Larry Ellison Founder of Oracle
Warren Buffett Legendary Value Investor
While these billionaires’ wealth has doubled since the COVID-19 crisis. More than 5 billion people are living in poverty, and 791 million workers around the world are seeing wages not keeping pace with inflation.
If this trend continues, Oxfam estimates that the world will have trillions of billionaires with wealth in the trillions. (Trillionaire) the first within the next 10 years, while poverty will accompany the world for another 229 years.
The report further states that 7 of the 10 largest companies in the world Having a billionaire as the CEO or main shareholder These companies have a combined value of more than $10.2 trillion. This is equivalent to or greater than the GDP of all countries in Africa and Latin America combined.
The world’s 148 largest companies have a combined net profit of $1.8 trillion through June 2022, up 52% from their average profits from 2018 to 2021.
For every $100 of profit made by 96 major companies between July 2022 and June 2023, $82 will be paid out to wealthy shareholders. in the form of share repurchases and dividends
Moreover, the 1% are the richest people in the world. There is still a proportion of ownership. As much as 43% of global financial assets are held by the 1% in the Middle East. It holds 48% of net assets in the region, Asia holds 50% of net assets and Europe holds 47% of net assets.
Data from the report reflects the relationship between major companies. and billionaires who create growth for each other Since the COVID-19 period Large companies experience exponential growth through mergers and acquisitions. and monopolizing business Especially in the technology industry This is led by Big Tech companies, which make up the majority of their huge profits. Paid as dividends to billionaires who are the main shareholders who have the power to determine the direction of the company
Over the years These companies do not only have the power to determine the price mechanism in the market. But it also has economic influence with the central government. This causes the inequality gap between the rich and the poor to widen.
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