has notably worsened for the first time in 25 years, according to Oxfam’s recent “Inequality Inc” report published on January 15, 2024. This trend is being further exacerbated by climate change impacts, largely driven by billionaires and corporations. Per current trajectories, the world may see its first trillionaire within 10 years. However, eradicating poverty altogether would take 229 years. This staggering contrast highlights the rapidly expanding wealth divide.The net worth of the world’s five richest billionaires has spiked from $405 billion in 2020 to over $869 billion today, accumulating wealth at $14 million per hour. Nearly five billion people have become poorer over the same period. In 2023 alone, billionaires gained $3.3 trillion, a 34% net wealth surge versus 2020.Related research shows billionaires manage effective tax rates of just 0-0.5% on wealth gains. This regressive dynamic enables the ultra-rich to avoid taxes while those less well-off pay more.
