Gap between rich and poor widening, warns Oxfam
2 months, 1 week ago

Gap between rich and poor widening, warns Oxfam

China Daily  

The gap between rich and poor has widened, with the planet's richest 1 percent owning 45 percent of its wealth, while 44 percent of the population scrapes by on less than $6.85 a day, according to the anti-poverty organization Oxfam International. The organization said the disparity between rich and poor has been "supercharged" since the start of the COVID pandemic in early 2020, with the soaring United States stock market and higher food and energy prices due to the Russia-Ukraine conflict making the rich richer and the poor poorer. "Very soon, Oxfam predicts that we will have a trillionaire… Whereas to fight poverty, we need more than 200 years," Amitabh Behar, Oxfam's interim executive director, told The Associated Press. Behar said the planet's five richest people — Tesla CEO Elon Musk, LVMH owner Bernard Arnault, Amazon founder Jeff Bezos, Oracle founder Larry Ellison, and investor Warren Buffett — have seen their fortunes increase by 114 percent since 2020, and the prospect of someone amassing $1 trillion is now very real.

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