Since 2020, a year marked by the spread of a pathogen that killed millions of people, the world’s five richest men have seen their collective wealth more than double as five billion people across the globe have lost ground and hunger has surged, underscoring the deep inequality that is fueling mass discontent and eroding democracies.
Oxfam calculated that the combined wealth of the five richest billionaires on the planet grew from $405 billion in 2020 to roughly $869 billion today—a rate of $14 million an hour. During that same period, 60% of the global population got poorer, with the real wages of around 800 million workers across 52 countries falling in the face of high inflation.
Under the status quo, global poverty won’t be eradicated for nearly two and a half centuries—but the world will have its first trillionaire within the next 10 years, Oxfam found.
More on this subject from other reputable sources:
It should be noted that these wages the “got lower” are
A) only temporary
B) mostly apply to smaller, more unstable economies
C) the world wide standard of living today is still higher than previous.
There are waves in every economy and cycles to it all.
Being a billionaire shows a deficiency of character. A hoarder of money. There are enough resources on this planet for it to be Eden but some people always need more. And sadly people will rush to defend them/worship them.
Let me take a wild guess about this calculation. They started counting in 2020, I’m going to guess that the date they picked to start counting from, was after the pandemic started, maybe around the lowest point in the markets.
So basically, after all markets crashed and all billionaires net worths collapsed, in the few years that followed, their net worth’s increased roughly in line with the markets.
I’m sure if the market goes down this year, the same researchers will publish how hard billionaires have it, since their net worth is down from the peak.
This only matters because basic things that should be human rights are tied to employment. Education, healthcare and income; make these basic rights provided by the government and watch how voting habits and participation in government decision making, changes.
Gotta love those Bidenomics. Making the rich richer and the poor poorer
Finally a post on this sub not related to Bidenomics.
Capitalism is great for making people rich or richer, but it may not always be good for society. Money and power lead to corruption. The lower classes are pretty much screwed and destined to either become slaves to the systems or bums holding up signs.
This sub needs *slightly* more moderation.
Who cares?
If their companies are skyrocketing in value then it’s clearly offering value to many — perhaps millions or even billions of people.
Their wealth isn’t preventing anyone else making their own money, this is such a braindead premise — it’s a boogeyman.
If you want to make the argument that *some* wealthy people use their money to manipulate politicians for their own benefit, then sure that’s quite reasonable. But make *that* argument, not an irrelevant one like this.
13 comments
Since 2020, a year marked by the spread of a pathogen that killed millions of people, the world’s five richest men have seen their collective wealth more than double as five billion people across the globe have lost ground and hunger has surged, underscoring the deep inequality that is fueling mass discontent and eroding democracies.
Oxfam calculated that the combined wealth of the five richest billionaires on the planet grew from $405 billion in 2020 to roughly $869 billion today—a rate of $14 million an hour. During that same period, 60% of the global population got poorer, with the real wages of around 800 million workers across 52 countries falling in the face of high inflation.
Under the status quo, global poverty won’t be eradicated for nearly two and a half centuries—but the world will have its first trillionaire within the next 10 years, Oxfam found.
More on this subject from other reputable sources:
—
– Guardian (C+): [World’s five richest men double their money as poorest get poorer](https://www.theguardian.com/inequality/2024/jan/15/worlds-five-richest-men-double-their-money-as-poorest-get-poorer)
– Sydney Morning Herald (B+): [The world’s first trillionaire could rise within 10 years: Oxfam](https://www.smh.com.au/world/europe/the-world-s-first-trillionaire-could-rise-within-10-years-oxfam-20240116-p5exqj.html)
– Reuters (A+): [As Davos crowd gathers, governments urged to rein in ‘billionaire class’](https://www.reuters.com/business/davos-crowd-gathers-governments-urged-rein-billionaire-class-2024-01-15/?taid=65a47b6008e2720001ff0b1b)
– CNN.com (C-): [The wealth of the world’s five richest men more than doubled since 2020](https://www.cnn.com/2024/01/14/economy/oxfam-report-wealth-davos-forum/)
—
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So what?
It should be noted that these wages the “got lower” are
A) only temporary
B) mostly apply to smaller, more unstable economies
C) the world wide standard of living today is still higher than previous.
There are waves in every economy and cycles to it all.
Being a billionaire shows a deficiency of character. A hoarder of money. There are enough resources on this planet for it to be Eden but some people always need more. And sadly people will rush to defend them/worship them.
Let me take a wild guess about this calculation. They started counting in 2020, I’m going to guess that the date they picked to start counting from, was after the pandemic started, maybe around the lowest point in the markets.
So basically, after all markets crashed and all billionaires net worths collapsed, in the few years that followed, their net worth’s increased roughly in line with the markets.
I’m sure if the market goes down this year, the same researchers will publish how hard billionaires have it, since their net worth is down from the peak.
This only matters because basic things that should be human rights are tied to employment. Education, healthcare and income; make these basic rights provided by the government and watch how voting habits and participation in government decision making, changes.
Gotta love those Bidenomics. Making the rich richer and the poor poorer
Finally a post on this sub not related to Bidenomics.
Capitalism is great for making people rich or richer, but it may not always be good for society. Money and power lead to corruption. The lower classes are pretty much screwed and destined to either become slaves to the systems or bums holding up signs.
This sub needs *slightly* more moderation.
Who cares?
If their companies are skyrocketing in value then it’s clearly offering value to many — perhaps millions or even billions of people.
Their wealth isn’t preventing anyone else making their own money, this is such a braindead premise — it’s a boogeyman.
If you want to make the argument that *some* wealthy people use their money to manipulate politicians for their own benefit, then sure that’s quite reasonable. But make *that* argument, not an irrelevant one like this.
It will never change.