Oxfam: World's richest see fortunes double to $869B since 2020 while most get poorer
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The world could have its first trillionaire within 10 years while most people have gotten poorer since 2020, according to Oxfam's annual inequality report.
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The fortunes of the world's 5 richest men - including Bernard Arnault, Jeff Bezos, Warren Buffett, Larry Ellison, and Elon Musk - have doubled from $405 billion to $869 billion since 2020.
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Oxfam says these 5 men's wealth is now growing at a rate of $14 million per hour.
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The report attributes the growing inequality to factors like conflicts, climate change, the pandemic, corporate tax dodging, stagnating wages, and privatization.
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Oxfam calls for strengthening the state and regulating corporate power to address inequality at its roots.