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This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.

The world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 percent of the planet’s population, reveals a new report from Oxfam today ahead of the World Economic Forum (WEF) in Davos, Switzerland.

More than 200 million people will be trapped unnecessarily in extreme poverty - despite world leaders’ pledge to end it - unless action to tackle economic inequality is accelerated. 

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.

Fighting inequality is not just an issue of fairness but an economic necessity. That’s not Oxfam speaking, but the International Monetary Fund today. 

Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population – a figure that has fallen from 388 just five years ago, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.

Poverty and inequality in Europe have reached shocking levels, according to a new Oxfam report.

For every new billionaire created during the pandemic — one every 30 hours — nearly a million people could be pushed into extreme poverty in 2022 at nearly the same rate, reveals a new Oxfam brief today. “Profiting from Pain” is published as the World Economic Forum — the exclusive get-together of the global elite in Davos — takes place for the first time face-to-face since COVID-19, a period during which billionaires have enjoyed a huge boost to their fortunes. 

Rising inequality could set the fight against poverty back by decades, Oxfam warned today as it published a new report showing that the number of billionaires worldwide has more than doubled since the financial crisis. 

Despite the recent spate of economic growth, Africa remains afflicted by entrenched poverty and alarmingly high and rising inequality. This paper uses the Reducing Inequality Index (CRI) developed by Oxfam and Development Finance to produce a ranking of African countries on their policies to reduce the gap between rich and poor.