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Oxfam Report Finds the Ultra-Rich Are Still Getting Richer as 5 Billion People Become Poorer

HeadlineJan 17, 2024

As world leaders are gathering in Davos, Switzerland, for the World Economic Forum, Oxfam issued a new report showing that the world’s five richest billionaires have seen their wealth double over the past four years while 5 billion others have become poorer. Oxfam is predicting the world could have its first trillionaire in a decade. Oxfam’s interim executive director, Amitabh Behar, spoke in Davos.

Amitabh Behar: “I certainly feel angry. You know, I would say having billionaires is a failure. Very often when we’re here at the World Economic Forum, you end up celebrating billionaires. But I think it’s a sign of failure that we have 800 million people — 10% of the global population — sleeping hungry. They do not have enough food to eat, 800 million people. And on the other hand, you have these billionaires with their private yachts, private jets and a lifestyle which cannot even be understood.”

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