Source: OXFAM International

Since 2020, the richest five men in the world have doubled their fortunes. During the same period, almost five billion people globally have become poorer. Hardship and hunger are a daily reality for many people worldwide. At current rates, it will take 230 years to end poverty, but we could have our first trillionaire in a decade.

A huge concentration of global corporate and monopoly power is exacerbating inequality economy-wide. Seven out of ten of the world’s biggest corporates have either a billionaire CEO or a billionaire as their principal shareholder. Through squeezing workers, dodging tax, privatizing the state and spurring climate breakdown, corporations are driving inequality and acting in the service of delivering ever-greater wealth to their rich owners. To end extreme inequality, governments must radically redistribute the power of billionaires and corporations back to ordinary people. A more equal world is possible if governments effectively regulate and reimagine the private sector.

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Authors: Rebecca Riddell, Nabil Ahmed, Alex Maitland, Max Lawson and Anjela Taneja. Contributing authors: Alex Bush, Alexandre Poidatz, Andrew Gogo, Anthony Kamande, Christian Hallum, Gustavo Ferroni, Henry Ushie, Inigo Macias Aymar, Jonas Gielfeldt, Lies Craeynes, Mariana Anton, Martin Brehm Christensen, Nafkote Dabi, Rachel Noble, Sunil Acharya, Susana Ruiz, Uwe Gneiting and Yaxkin Rodriguez. Commissioning manager: Anjela Taneja.