According to an Oxfam research, the world’s richest 1% own more money than the bottom 95% combined.
The charity’s report also underscores billionaires’ effect on the global economy.
Over a third of the world’s top 50 firms are led or primarily owned by billionaires, according to a recent research. These businesses have a stock market value of £10 trillion.
They include Mark Zuckerberg, founder of Meta, and Amazon tycoon Jeff Bezos.
Oxfam cautions that efforts to address important global concerns, such as the climate crisis and chronic poverty and inequality, are “undermined by the ultra-wealthy and mega-corporations fueling inequality within and between countries.”
Oxfam International’s executive director, Amitabh Behar, argued that the United Nations’ ability to address such concerns “is increasingly feeling diminished in a world in which billionaires are calling the shots.”
“The ultra-wealthy and the mega-corporations they control are shaping global rules to serve their interests at the expense of people everywhere,” said Mr. Romney.
The wealthiest 1% owns 43% of total global financial assets. Just two businesses control 40% of the global seed market. The “big three” US-based asset managers, BlackRock, State Street, and Vanguard, manage $20 trillion in assets, accounting for over one-fifth of all investable assets worldwide.
Behar stated, “While we frequently hear about big power rivalries impeding multilateralism, it is obvious that excessive inequality plays a significant impact.
“In recent years the ultra-wealthy and powerful corporations have used their vast influence to undermine efforts to solve major global problems such as tackling tax dodging, making Covid-19 vaccines available to the world and canceling the albatross of sovereign debt.”