The world's five richest men have more than doubled their wealth since 2020, according to a report by British charity Oxfam. At the same time, five billion people around the world have become poorer. The report was published within the framework of the World Economic Forum in Davos, as reported by Deutsche Welle.

Seven of the ten largest corporations are controlled by billionaires

Oxfam found that seven of the world's 10 largest companies are run by billionaires or are majority shareholders. According to the report, the combined wealth of the world's five richest people (Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg) increased 114 percent to $869 billion last year.

Oxfam estimates that 148 major companies made $1.8 trillion in profits, a 52 percent increase compared to the three-year average. This allowed for large distributions to shareholders, while millions of workers experienced cost increases that led to real wage cuts.

Inequality is not a coincidence

“This inequality is not a coincidence; The billionaire class ensures that corporations create more wealth at the expense of everyone else,” said Amitabh Behar, acting executive director of Oxfam International.

Oxfam advises governments to crack down on corporate power, break up monopolies, introduce taxes on excessive profits and wealth and promote alternatives to shareholder control, such as employee ownership. Furthermore, Oxfam analysis shows that the effective corporate tax rate has fallen by around a third in recent decades.

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