When @wef opens in #Davos , @Oxfam puts out their alternative State of the World rpt. This year's shows that:
• The richest 1% hold 45.6% of global wealth, while the poorest half of the world have just 0.75%.
• 81 Billionaires hold more wealth than 50% of the world.
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• 10 billionaires own more than 200 million African women combined.
The richest got WAY richer during the #pandemic -- the top 1% richest got 63% wealthier in 2020-21. We mere mortals got only 10% richer in 2 years, on average.
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Food & energy costs are the main drivers of #inflation; companies in those sectors in 2022:
• made $306bn in windfall profits;
• increased profits 256% in 2022 compared w/the 2018–2021 average;
• paid $257bn to stock shareholders in 2022
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- 76% of them increased their profit margins
Meanwhile:
- For the first time in 25 years, extreme wealth
& extreme poverty have sharply increased simultaneously.
- Between 702 to 828 million people faced hunger in 2021– almost a tenth of the global population
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- high-income economies bounced back in 2021; poorer ones did not
- this was partly due to #COVID19 #vaccine inequality; vax rates proved a strong predictor of economic recovery
- 1/5th of developing countries will have a lower per capita GDP in 2023 than in 2019
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Despite their enormous gains in personal & corporate wealth over the last two years, taxation of the Super-Rich has declined in most countries. Taxes fall proportionately hardest on lower income consumers, as VAT (value-added tax).
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The Cayman Islands doesn't have a deep water port -- ships must anchor at sea, and shuttle in smaller boats.
BUT most of the world's mega-yachts are registered in Caymans.
Why?
Same reason Uber-Rich park their wealth in the sandbar-country's banks: Secrecy.
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Concentration of media ownership in the hands of a few Super-Rich poses a challenge to reforms.
- France: 11 billionaires own over 80% of newspapers sold daily, 57% of TV market & 47% of radio
- Mexico: Most media is owned by the country’s richest man, #CarlosSlim
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- US: #JeffBezos #MichaelBloomberg #RupertMurdoch & #ElonMusk – have significant control over national news
- India: 72 TV channels reaching over 800 million people are owned by one billionaire, Mukesh Ambani
But, @OXFAM says, if the ultra-rich paid full taxes👇🏽
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