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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. 

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.  

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. 

Oxfam water engineers are having to drill deeper, more expensive and harder-to-maintain water boreholes used by some of the poorest communities around the world, more often now only to find dry, depleted or polluted reservoirs. 

As UNGA77 kicks off, Oxfam experts are engaging with a delegation in New York along with remote participation. Oxfam experts will be focused on issues including Hunger and the Global Food System, Climate Justice, the crisis in Yemen, Ukraine, COVID-19 recovery, Inequality, Education, and more. 

In reaction to today’s UN 2023 Global Humanitarian Outlook report, revealing that 339 million people are in urgent need of humanitarian aid - the highest caseload in history -  Oxfam’s Global Humanitarian Director Marta Valdes Garcia said: “One in every 23 people around the world –the equivalent of nearly half of the entire population of Europe– is now in urgent need of humanitarian aid. This news must be an immediate wake-up call. 

Oxfam is supporting a humanitarian response for refugees arriving from Sudan into South Sudan’s Renk and Raban counties in Upper Nile State, and in Chad’s Sila province. 

In reaction to the publicaiton today of the FAO’s “State of Food Insecurity and Nutrition in the World 2023” report, stating that up to 783 million people faced hunger in 2022, and that 600 million persons will be chronically undernourished in 2030, Hanna Saarinen, Oxfam International Food Policy Lead said:  “It is unforgivable for governments to watch millions of people going hungry in a world of plenty, as they put the interests of mega-rich agribusinesses and energy companies before those of the most vulnerable people and widen the inequality gap.  

Today, just four of Africa’s richest billionaires hold $57.4 billion in wealth — more than the combined wealth of 750 million people.

We are witnessing the collapse of a moral contract. While some regions have seen some modest gains, the world is veering dangerously off track, leaving the poorest and more vulnerable behind.