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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.

In reaction to the 2023 Somalia Humanitarian Response Plan published today, Oxfam Country Director in Somalia, Adil AlMahi, said: “With five failed rain seasons, Somalia is quickly moving towards what may be one of its worst humanitarian crises in recent history. People’s ability to cope has been stretched to a breaking point. They have nothing left to fall back on. 

Reacting to the GRFC 2024 report, Oxfam Global Food and Economic Security Lead, Emily Farr, said: “The global hunger crisis is fundamentally a moral crisis. It is unforgivable that over 281 million people are suffering acute hunger while the world’s richest continue to make extraordinary profits, including the same aerospace and defence corporations helping to fuel conflict, the main driver of hunger.  

Billionaire fortunes increased by 12 percent last year – or $2.5 billion a day - while the 3.8 billion people who make up the poorest half of humanity saw their wealth decline by 11 percent, reveals a new report from Oxfam today.