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World’s five richest men’s wealth more than doubled since 2020

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Since 2020, these billionaires’ net worth has skyrocketed 114% to a total of $869 billion, after taking inflation into account, according to Oxfam’s annual inequality report, released Sunday. If current trends continue, the world could see its first trillionaire in a decade.

At the same time, nearly 5 billion people globally have become poorer, as they contend with inflation, war and the climate crisis. It would take nearly 230 years to eliminate poverty based on the current trajectory.

The report, which draws on data compiled by Forbes, is timed to coincide with the kickoff of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders.

Though inequality is on the rise, there are some bright spots, said Nabil Ahmed, Oxfam America’s director of economic and racial justice. Workers have been flexing their muscle through strikes and deals that better their compensation and working conditions. Also, some governments have been on their side, pushing policies aimed at strengthening workers’ rights.

“We find ourselves in a new Gilded Age, but workers, regulators and union and community organizers are starting to make cracks in it,” Ahmed said.


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