JonathanNov 1, 2024

Wealth and inequality thread 🧵

The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years.

https://www.oxfam.org/en/press-releases/wealth-five-richest-men-doubles-2020-five-billion-people-made-poorer-decade-division

Wealth of five richest men doubles since 2020 as five billion people made poorer in "decade of division," says Oxfam | Oxfam International

Oxfam International
Show threadlevampyre
@jmcrookston How do they calculate the end of poverty to give an estimate? And how do they define it?
Nov 1, 2024 at 8:00amWeb
Show threadJonathanNov 1, 2024

@levampyre they extend the reduction in poverty headcount from 2015 to 2019 out until the number hits zero.

Poverty is something like 8 usd a day. They also calculate 6 and 2 USD a day.

Show threadlevampyreNov 1, 2024
@jmcrookston Hm, does this method account for inflation and all the climate crisis shortages to come? I mean, I get it as an argument to enforce ideas like #degrowth, #TaxTheRich and #SmashCapitalism. But apart from that I wouldn't rely on that figure.
Show threadJonathanNov 1, 2024
@levampyre No, I don't imagine a number like that is really ever rigorous.