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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.

The 50 biggest US companies have more than a trillion dollars hidden offshore according to a new report published by Oxfam today. This is more than the entire GDP of countries such as Spain, Mexico or Australia.

A Luxembourg court today overturned the previous guilty verdict imposed on whistleblower Antoine Deltour, who exposed secret deals that enabled multinational companies to avoid paying billions of dollars in tax. Welcoming the decision, Oxfam said whistleblowers are not criminals and governments should do more to implement tax transparency.

The 50 biggest US companies, including global brands Pfizer, Goldman Sachs, GE, Chevron, Wal-Mart, and Apple, stashed $1.6 trillion offshore in 2015 –  $200 billion more than the previous year - according to a new report by Oxfam.  

West Africa is losing millions of dollars that could be spent tackling poverty and inequality because governments are bending the rules to favour the rich and powerful, said Oxfam today in the wake of #WestAfricaLeaks.#WestAfricaLeaks shows an elaborate collusion between some of the region’s most powerful politicians and business leaders. From Senegal and Nigeria to Mali and Ghana, high ranking public officials and businesses are using shell…

“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”

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. 

The annual Forbes rich list released today highlighted a slight downturn in fortunes of the rich elite but huge global inequalities remain.

The Credit Suisse Global Wealth Report shows once again that economic inequality remains at shockingly high levels.  The richest 1 percent now has as much wealth as the rest of the world combined.

Oxfam is encouraged by World Bank President Dr. Jim Yong Kim’s rejection of trickle-down economics and his clear stance on the enormous challenge inequality poses across the world.