The world’s five richest men have more than doubled their fortunes to $869bn (£681.5bn) since 2020, while the world’s poorest 60% – almost 5 billion people – have lost money. The details come in a report by Oxfam as the world’s richest people gather from Monday in Davos, Switzerland, for the annual World Economic Forum meeting of political leaders, corporate executives and the super-rich. At the same time, it warns, if current trends continue, world poverty will not be eradicated for another 229 years. “People worldwide are working harder and longer hours, often for poverty wages in precarious and unsafe jobs,” the report says. The world’s richest 1% own 59% of all global financial assets – including stocks, shares and bonds, plus stakes in privately held business.

Source: The Guardian January 15, 2024 12:13 UTC