Oxfam Report’s Data Claims Poverty Will Remain For Another 229 Yrs, Surge in World’s 5 Richest People’s Wealth

Oxfam Report: According to an Oxfam report, the economic gap between the rich and the poor is widening. According to this report, the world’s five richest people—Elon Musk, Bernard Arnold, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—have doubled their wealth since 2020, with a combined net worth of $869 billion. At the same time, 5 billion people around the world have become poor. In addition, the report warned that if economic inequality and current trends between the rich and the poor continue, poverty will not be eliminated for another 229 years. 

South Africa With Most Ineqaulity

According to Oxfam’s report, there is a possibility of future disparities between the rich and the poor. Along with this, the world will receive its first trillion within the next ten years. Aside from that, the average real wage for approximately 80 crore workers in 52 countries has fallen. These workers have lost approximately $1.5 trillion over the last two years. According to Oxfam, South Africa has the highest economic inequality in the world, as measured by the latest Gini Index. Oxfam’s report also stated that the coronavirus pandemic has driven millions of people into poverty over the last three years. On the other hand, the wealth of some billionaires around the world has risen dramatically.