LIVING STANDARDS OF 62% OF THE GLOBAL POPULATION HAVE DECLINED SINCE 2019

Tue 23 January 2024:

For the first time in a quarter-century, the economic divide between the global North and South has expanded. This alarming trend is highlighted in the recent “Inequality Inc.” report by Oxfam, an international organization dedicated to combating inequality.

The Global North, comprising regions such as the US, Canada, Western Europe, and East Asia, now accounts for 69.3% of all global income and 74.2% of billionaire income. Intriguingly, these regions are home to only one-fifth (20.6%) of the world’s population.

Wealth concentration in richest 1%

The richest 1% of the world’s population now owns 43% of the world’s assets. In the past two years, they have amassed nearly two-thirds (63%, $26tn) of new income. The wealth of the five richest individuals in the EU has surged by 76% (from €244bn to €429bn) since 2020.

Remaining 99%

In stark contrast, the remaining 99% of the population accounted for only $16 trillion. Alarmingly, 4.8 bn people are poorer now than they were in 2019.

Plight of Workers

Workers worldwide are toiling harder, often for poverty wages, in precarious and insecure jobs. The wages of nearly 800 mn workers have not kept pace with inflation, resulting in a loss of €1.4 trillion over the past two years. This equates to nearly a month (25 days) of lost wages per worker.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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