Hacker News

They must have figured out a new way to really cut back on that avocado toast. /s

This is the best summary I could come up with:

Highlighting a dramatic increase in inequality since the Covid pandemic, Oxfam said the world’s billionaires were $3.3tn (£2.6tn) richer than in 2020, and their wealth had grown three times faster than the rate of inflation.

Mirroring the fortunes of the super rich, it also says business profits have risen sharply despite pressure on households amid the cost of living crisis.

The world’s richest 1% own 59% of all global financial assets – including stocks, shares and bonds, plus stakes in privately held business.

Aleema Shivji, Oxfam’s interim chief executive, said: “These extremes cannot be accepted as the new norm, the world can’t afford another decade of division.

Extreme poverty in the poorest countries is still higher than it was pre-pandemic, yet a small number of super-rich men are racing to become the world’s first trillionaire within the next 10 years.

Governments worldwide are making deliberate political choices that enable and encourage this distorted concentration of wealth, while hundreds of millions of people live in poverty.

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