Oxfam: World's Richest Men Double Fortunes to $869B While Billions Grow Poorer
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Combined fortunes of world's 5 richest men have more than doubled to $869 billion since 2020 while 5 billion people made poorer (Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, Warren Buffett)
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Oxfam report comes as business elites gather for World Economic Forum meeting in Davos
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Oxfam calls on governments to rein in corporate power by breaking up monopolies, taxing excess profits/wealth, promoting employee ownership
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148 top corporations made $1.8 trillion in profits, 52% up on 3-year average, allowing payouts to shareholders amid cost of living crisis
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Nearly 800 million workers saw wages fail to keep up with inflation over past 2 years, equivalent to average loss of 25 days annual income per worker