LONDON - But this is more than a cost of living crisis, it’s an inequality crisis. A symptom of an unequal economic system. One that prioritises profits and sees billionaires and big business profiting more than ever. While most people, especially those living in poverty, pay the price, according to Oxfam report.
What is inequality?
Inequality is the unequal and unfair distribution of resources, opportunities, and power that shape the quality of all of our lives.
There are many different forms of inequality (economic, gender, race, class, health, sexuality, and more) which, when put together, result in people experiencing greater levels of inequality.
When we highlight the impact of billionaires' wealth, we are highlighting an unfair economic system which causes inequality and affects our ability to survive as well as thrive.
Why does Oxfam work to tackle inequality?
Oxfam works to tackle inequality because inequality makes poverty worse. Inequality undermines the fight against poverty in the UK and around the world.
We’ve been seeing this for decades through our work in communities and in our research. What we are living through today is more than a cost of living crisis, it’s an inequality crisis and it’s deepening poverty the world-over.
Inequality is not inevitable
Governments can make choices that prevent inequality. They can make choices that mean people can live safe from hardship. Instead, governments worldwide are making choices designed to protect the power and wealth of a privileged few, while removing the power of everyday people.
By failing to listen, failing to provide opportunities, and failing to invest in vital support systems (like child and adult care services, social protection and benefits, and international aid, etc.) they are rigging the system in favour of the rich.
These choices are taking away people’s right to survive, let alone opportunities to thrive. Let’s reclaim our collective power and hold decision makers to account. Let's push governments to make better choices. So that those who profit the most, who can afford it the most, foot the bill for a fairer and more equal world. One that benefits everyone.
Inequality facts
- Since 2020, the richest 1% have captured almost two-thirds of all new wealth, nearly twice as much money as the bottom 99% of the world’s population.
- Billionaire fortunes are increasing by $2.7 billion a day, even as inflation outpaces the wages of at least 1.7 billion workers, more than the population of India.
- Food and energy companies more than doubled their profits in 2022, paying out $257 billion to wealthy shareholders, while over 800 million people went to bed hungry.
- A tax of up to 5% on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift 2 billion people out of poverty, and fund a global plan to end hunger.
Making things fair
The richest 1% have pocketed $26 trillion (£21 trillion) in new wealth since 2020, nearly twice as much as the other 99 per cent of the world’s population. It’s time to tax the super-rich, concludes OXFAM.
