Oxfam: The five richest people in the world doubled their wealth

The combined wealth of the five richest persons in the world has increased more than twice as compared to 2020, to $869 billion respectively, while 5 billion people have become poorer, said the anti-poverty group, Oxfam.

In the Oxfam report, which was published in the week the elite gather at the World Economic Forum in Davos, found that billionaires are now shareholders in 7 of the world's top 10 companies.

Oxfam called on January 15th for governments to curb corporate power by undermining monopolies, imposing taxes on large profits and assets, promoting options for the control of shareholders, such as the form for ownership of employees.

It is estimated that the first 148 corporations have made $1.8 trillion profit, 52 percent more than the 3-year average, enabling shareholders to gain profits and millions of workers to cope with the cost of living crises, as inflation led to lower wages.

This inequality is not an accident. The billionaires class is making sure that corporations enable them more wealth at the expense of others”, said Oxfam chief Amitabh Behar.

The forum at Davos is launched to protect “capitalism of shareholders”, which according to this forum reportedly defines the corporation not only as maximized profits, but as a thing that meets the “aspirats human and social as part of a broader social system”.

Oxfam said in his report he found, which is based on data received from the International Labour Organization, the World Bank, to the annual list of the richest people published by Forbes, that such aspirations are far from fulfilled.

“What we know for sure is that today's extreme system of shareholders capitalism, which sets income growth priorities for rich shareholders, is promoting ground”, said Max Lawson, head of the Pabaarazy Policy.

Growth in property during inflation has led to five key billionaires gaining large incomes. The richest people in the world, who have doubled their income, are Tesla's owner, Elon Musk, LVMH chief Bernard Arnault, Amazon owner Jeff Bezos, the cofounder of the Oracle, Larry Ellison, and investor Warren Buffett.

Meanwhile, almost 800 million workers over the past two years have experienced salary cuts as they face inflation, Oxfam's report said.