February 19, 2024
Oxfam presented a report on income inequality post-COVID-19 at the WEF, stating it has worsened and calls for diverse regulatory tools.

Key points:
– 69% of global wealth belongs to developed countries, while less than a third to the developing world.
– Women and minorities disproportionately suffer from rising income inequality.
– The WEF’s future growth report for 2024 suggests a new set of indicators for growth assessment focusing on inclusivity and sustainability.

Oxfam reports that global inequality has risen for the first time in 25 years, with the richest people and their wealth concentrated in developed countries. Currently, 1% of the wealthiest own 43% of all global financial assets.

According to Oxfam, only 0.4% of the world’s largest and most influential companies commit to paying a living wage, allowing people “to afford a decent standard of living”.

Oxfam’s document calls for governments to play an active role in shaping their economies to promote equality, achievable through a comprehensive set of measures:

Guaranteeing public services: healthcare, education, etc.
Investing in public infrastructure and services.
Improving public sector management for operational transparency.
Strengthening laws on gender and racial justice.
Enhancing business management.
Limiting CEO salaries while ensuring a living wage.
Creating more efficient corporate tax regimes.

With such measures, it’s expected that the poorest 40% will have an income roughly equal to the richest 10%.

What do you think about this report?