DAVOS, Jan. 15, 202
From our Overseas Bureau
Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group Oxfam said.
Releasing its annual inequality report on the first day of World Economic Forum (W.E.F.) Annual Meeting here, Oxfam said seven of 10 of the world’s biggest corporations have a billionaire as a C.E.O., or principal shareholder.
It further said that 148 top corporations made U.S.D. 1.8 trillion in profits, 52 per cent up on three-year average and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay.