1% richest in the world accumulates more wealth than 95%
- Oxfam Intermón’s report warns that major challenges on the planet, such as the climate crisis, and global efforts to address poverty and lasting inequality are under threat. “Power is accumulating in the hands of ultra-rich and mega-enterprises.”
The report Multilateralism in an Era of Global Oligarchy (Multilateralism in an era of the world oligarchy) highlights that the concentration of power and wealth is increasing, which feeds inequalities within the country and between countries. As an example, he pointed out that Hegoalde has 79% of the world's population and, on the contrary, 31% of wealth.
OXFAM has warned that the United Nations General Assembly is losing its capacity to act. Oxfam director Franc Cortada says: “The shadow of the world oligarchy is upon the United Nations General Assembly. Ultrariums and mega-enterprises, dominated by oligarchy, are using their rules of play to the detriment of the rest of the population. The United Nations is losing its capacity to act in the face of the power of the billionaires.” The report gives concrete evidence of the influence that millionaires have on the economy: More than a third of the world’s 50 largest companies have a millionaire as CEO or as a majority partner. Among all these companies, there's a stock market capitalization of 13.3 trillion dollars.
The report explains how the world oligarchy is consolidating and how ultrariums influence political decisions and game rules. “As they get rich, progress in global development is being reduced.”
The director of Oxfam has said that the ultra-rich and the most powerful companies have used their influence capacity to slow down efforts to solve the major problems of the planet. Among his efforts he mentioned flight and the fight against tax avoidance, making COVID-19 vaccines available to the population and cancelling the unsustainable debts of the countries of the South.
Director Cortada talks about weakening the power of the world oligarchy: “Only multilateralism based on equity and justice will achieve the repeal of the global oligarchy. Several world leaders have shown awareness of this and have stepped up their efforts against inequality. However, they have to do more and more.”
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