As the World Economic Forum kicks off in Davos, Oxfam is putting the spotlight on wealth inequality. According to the anti-poverty group, billionaires wealth increased 3 times faster last year than in 2023, whereas the number of those in the world living in poverty has barely changed.
Oxfam puts spotlight on wealth inequality as WEF gets underway
People take a break inside the congress center prior to the official opening of the Annual Meeting of the World Economic Forum in Davos, Switzerland, Monday, Jan. 20, 2025.
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The statistc uncovered by the organisation have troubled its officials.
Amitabh Behar, executive director of Oxfam International, said, "on the one hand, you see the billionaire wealth explode a: nd explode enormously. On the other hand, you see 44% of the global population, which is 3.6 billion people, still living below the poverty line. And that is what we had the numbers in 1990. So you don't see any change, you still have 3.6 billion people living below the poverty line."
3000 people including government officials and business executives are gathering in Davos for the forum.
It coincides with billionaire Donald Trump's inauguration as U.S. president ; outgoing President Joe Biden recently called for billionaires to start to ‘pay their fair share’.