Oxfam Inequality Report: last year i.e. In 2024, the pace of increase in the wealth of billionaires around the world has increased three times as compared to last year. Whereas there has been no significant reduction in the number of poor since 1990. This information, which draws attention towards the increasing economic inequality at the international level, has been given in the latest report of Oxfam International. In this report, to reduce this disparity or inequality, it has also been suggested to impose higher taxes on the rich. The report’s title ‘Takers, Not Makers’ (The unjust poverty and unearned wealth of colonialism) indicates that most of the world’s super-rich people have amassed billions of rupees not through their own hard work, but through monopoly, crony connections or inheritance. Is achieved through.
Report presented on the first day of Trump’s inauguration and WEF
In fact, every year a report is presented by Oxfam to draw attention to the latest situation of economic inequality in the world. This report is presented on the day of the beginning of the annual meeting of the World Economic Forum to be held in Davos, Switzerland and there is a lot of discussion on it in the forum. The special thing is that this year the date of Donald Trump assuming the presidency of America is also the same.
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The capture of the economy by some people is dangerous
Oxfam has warned in its report that the immense wealth of a few is crushing the common people. If this wealth is used in the right place, millions of people can be brought out of poverty. On the occasion of the release of the report, Oxfam’s Executive Director Amitabh Behar said that the control of some special people on the world economy has reached a dangerous level. This is a warning to all humanity. He said, “The capture of our global economy by a privileged few has reached heights never before imagined…Not only has the wealth of billionaires tripled, but their power It has also increased by the same amount.”
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Trump becoming President is the peak of oligarchy: Amitabh
Pointing towards Trump becoming the President of America, Amitabh Behar said, “The latest example of such an oligarchy system is that such a billionaire is going to run the world’s largest economy by becoming the President. We are presenting this report, which is supported by the world’s richest man, Elon Musk, as a strong warning that common people around the world are being crushed under the burden of the immense wealth of a few. Are.”
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Wealth of billionaires increased indiscriminately
According to Oxfam’s annual report, the wealth of the world’s billionaires will increase by $2 trillion to $15 trillion in 2024. This increase is three times faster than that of 2023. This year, 204 new billionaires were created, which means on an average four new billionaires were added every week. In Asia alone, 41 new billionaires were created, while an increase of $ 299 billion was recorded in the wealth of billionaires here. The wealth of the world’s 10 richest people increased by an average of $ 100 million every day in 2024. Even if they lose 99% of their wealth, they will still be billionaires.
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This is how the gap of inequality is increasing
Oxfam, citing World Bank data, said that there has been no significant change in the number of poor people living on an income of less than $6.85 per day since 1990. According to the report, during 2023, the world’s richest 1% people living in the countries of the Global North like America, Britain and France will transfer 30 million dollars every hour from the poor and developing countries of the Global South through the global financial system. Attracted wealth equal to Rs. The report also states that 69% of the world’s wealth and 77% of the wealth of billionaires is with the Global North, while only 21% of the world’s total population lives here.
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They did not earn 60% of the wealth of billionaires
According to Oxfam report, 60% of the wealth of billionaires is obtained through monopoly, crony connections or inheritance. Of this, 36% wealth has been inherited, while 18% has been earned through monopoly and 6% through crony connections. Oxfam said in the report that many industrialists and businessmen of rich countries accumulate a large part of their wealth through colonial exploitation and usurpation of the wealth of the Global South. For example, French billionaire Vincent Bolloré’s empire is based on profits from colonial activities in Africa.
Women and migrants get less salary
Oxfam, citing International Labor Organization (ILO) data, has also said that in high-income countries, migrant workers get 12.6% less money on average. At the same time, the wage gap between migrant women and local men is 20.9%, which is more than the gender-based wage gap (16.2%). Women, especially those working in the informal sector, have to work in more unsafe conditions than men.
hint towards modern colonialism
Pointing towards modern colonialism, the Oxfam report said that a large amount of wealth is still going from the Global South to the countries of the Global North and their richest people. If this transfer of money does not take place, it can be invested in basic needs like education, health services and employment generation. Amitabh Behar said that the immense wealth of a few people is crushing the common people, which is dangerous not only for the economy but also for humanity.
How will inequality be reduced?
Oxfam’s report has suggested governments to impose higher taxes on the rich, so that inequality can be reduced. These three important suggestions have been given in the report:
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By imposing heavy taxes on billionaires, governments can use this money for education, health and creating employment.
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Former colonial countries like Britain and France should pay reparations for their historical mistakes to the countries they exploited.
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Governments should implement policies for better and equitable distribution of wealth.
