A recent Oxfam report has disclosed that since 2020, a colossal 63% of all new wealth generated has flowed into the “coffers of the world’s wealthiest 1%”
The report, titled ‘Survival of the Richest: the India Story,’ highlights the stark contrast of wealth inequality, a persistent problem in the midst of the ongoing global health crises and significant economic ramifications.
The Covid pandemic that shook the global economy, caused financial instability, job losses and economic hardship for much of the world, helped the World’s richest see a significant increase in their fortunes.
The Oxfam report analyzes the present situation of global wealth disruption and calling for urgent action to create a “more equitable economic system,” the kind that will allow fair distribution of wealth and income.
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