Since the COVID-19 pandemic took hold, the richest 1 per cent have made nearly twice as much money as 99 per cent of the world, according to a new report by Oxfam. Read more:
The richest one per cent have captured 63 per cent of new wealth created since the pandemic.The world’s billionaires are seeing their wealth increase by a combined $5 billion a day.
Oxfam Australia’s Director of Programs Anthea Spinks said the super-rich have "outdone even their wildest dreams" while most people around the world are making daily sacrifices to get by. Its release coincides with the World Economic Forum’s annual gathering in Davos, Switzerland, where the world’s political and business elite are rubbing shoulders amid the looming threat of a widespread recession.How the story of one woman and a yoghurt highlighted Australia's dire cost of living crisisThe inflation-fuelled cost-of-living crisis Australia and other parts of the world are grappling with could be aptly renamed the “cost-of-profit” crisis, Oxfam argued.
The report cites studies that show that in the US, the UK and Australia, 54 per cent, 59 per cent and 60 per cent of inflation, respectively, was driven by increased corporate profits.
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