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One with twelve zeros. $1 trillion, currently equivalent to around 850 billion francs, is an almost impossible sum to comprehend. This is more than Switzerland’s economic output in a year.
A single person’s wealth is likely to cross the trillion mark soon. The development organization Oxfam assumes this will be the case within the next decade; But if development remains the same, it will take about 230 years for poverty to be eliminated. He writes this in a report on global inequality.
The richest people doubled their wealth
The global organization, headquartered in Great Britain, publishes figures and facts about the gap between the world’s richest and poorest every year, right at the beginning of the WEF. The world’s five richest people have more than doubled their wealth since 2020, from $405 billion to $869 billion, according to Oxfam. The organization relies on the list of well-known billionaires of the business magazine “Forbes”.
The richest man in the world, Tesla founder Elon Musk (52), is worth almost 230 billion francs. According to Fortune magazine, the fortune of Amazon founder Jeff Bezos (59) increased by $70 billion last year. This means that in one minute the majority of Swiss people earn more than they earn in the entire year.
“No one should have a billion dollars”
The wealth of the richest has grown three times faster than the rate of inflation in recent years, according to Oxfam. According to the report, the richest 1 percent owns 59 percent of the world’s wealth. The organization stated that the richest are getting richer, but approximately five billion people worldwide are getting poorer.
Oxfam has been criticized for making polemics by comparing the super-rich to the poor. In 2022, the report accusing the West of “vaccine apartheid” was titled “Inequality Kills.” The organization is very critical of capitalism. “Nobody should have a billion dollars,” says Oxfam director Amitabh Behar. The organization calls for, among other things, increasing corporate taxes, breaking up monopolies and taxing the super-rich more. (Ha)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
