Flags flying in Davos in 2018 (Picture: GovernmentZA on Flickr)

As the global elite gathered in Davos, Switzerland, for their annual conference, a damning new report underlined the cost of their rule.

The analysis by charity Oxfam shows that since 2020, the world’s five wealthiest men have more than doubled their fortunes. They have increased their wealth at a rate of more than £11 million an hour.

Their joint loot has soared from £320 billion to £686 billion.  At the same time, almost 5 billion people, over half the world’s population, have been made poorer.

Speaking on the report, Oxfam interim executive director Amitabh Behar said, “This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else.”

The top one percent now own 43 percent of all global financial assets. The pandemic was another opportunity for the billionaires and the corporations to hoard wealth.

Jeff Bezos’s Amazon boomed during lockdown as his workers risked their lives to stay at work and deliver goods.

His personal fortune of £132 billion increased by £26 billion since the beginning of the decade. 

We’re repeatedly told there is “no money” for key services, wages, and benefits. There is plenty of money, but it is in the wrong hands.

We need a war on the rich and on the system that produces such massive inequality in the first place.

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