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Billionaires’ wealth soars by USD3.3tr, outpacing inflation

Since 2020, billionaires globally have increased their net worth by USD3.3 tr, eclipsing inflation rates threefold, an Oxfam report reveals. The top five wealthiest individuals alone saw a 114% rise in their fortunes, totaling USD869bn. Meanwhile, the wealth of nearly five billion people declined during the same period. The report, titled “Inequality Inc”, warns that if current trends persist, the world could see its first trillionaire in a decade, while poverty eradication could take another 229 years. Oxfam attributes the growing wealth gap to corporate power and a concerted effort to reduce taxation. To counter this inequality, the report suggests implementing taxes on the ultra-rich and corporations, capping CEO salaries, and dismantling private monopolies.


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