Report: Global billionaires' wealth surpasses $18 trillion, setting a new record; expansion of power exacerbates inequality.
PANews reported on January 19th that a report released Monday by the international charity Oxfam shows that the wealth of the world's billionaires has soared to a record $18.3 trillion. The report points out that the super-rich are seeking power for their own "self-interest." The report states that the number of billionaires worldwide surpassed 3,000 last year, with their total wealth increasing by 16% year-on-year, adding $2.5 trillion. Oxfam data shows that billionaire wealth has surged by 81% since 2020, calling the past decade a "golden age for the rich." In a press release, the organization noted that while the wealthy are becoming increasingly affluent, global poverty reduction has slowed significantly, with poverty levels "roughly remaining at 2019 levels." Oxfam specifically points out that the super-rich often use their wealth to gain political power and media control, citing figures such as Musk and Bezos. Oxfam Executive Director Bell stated, "The excessive influence of the super-rich on politicians, the economy, and the media exacerbates inequality and derails us from the right path to solving poverty."
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