(RightIsRight.co) – A prominent anti-poverty group has released what they believe is a concerning report predicting the emergence of the world’s first trillionaire within the next decade.
Oxfam International’s forecast comes amid a rapidly widening economic chasm between the rich and the poor.
According to the report, since 2020, the fortunes of the world’s five richest individuals have more than doubled, while an alarming 5 billion people have become poorer during the same period.
The report highlights several key factors contributing to this growing disparity.
It cites practices such as exploiting workers, tax evasion, privatization, and actions contributing to climate change as ways corporations are perpetuating inequality, funneling wealth increasingly toward the richest.
Oxfam advocates for significant governmental intervention to redistribute power and wealth from billionaires and corporations back to the general populace to combat extreme inequality.
Further illustrating this wealth gap, the report notes that since 2020, billionaires have grown 34 percent richer, increasing their wealth at a rate three times that of inflation.
It also points out that the CEOs or principal shareholders of seven of the world’s ten largest publicly listed companies are billionaires, with these companies valued at a total of $10.2 trillion.
The report sheds light on gender and racial disparities as well. It states that globally, men hold $105 trillion more wealth than women, a figure over four times the size of the U.S. economy. Additionally, in the U.S., the typical wealth of a Black family is just 15.8 percent of that of a white family.
Senator Bernie Sanders (I-Vt.), a socialist known for his advocacy on wealth inequality, wrote the foreword for Oxfam’s report.
He describes the current global economy as one where billionaires thrive while the working class and the poor struggle.
Despite this grim picture, Sanders sees a silver lining in the growing awareness and activism against the current economic system, crediting organizations like Oxfam for highlighting these stark inequalities.