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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.

EU finance ministers still cannot agree on decisive elements of a European Financial Transaction Tax - a missed chance for a strong signal to the climate summit in Paris.

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. 

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

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…

Today’s report from UBS and PwC revealed that the global billionaires club gained 50 more members in 2015 - at a time when 767 million people are living in extreme poverty. This huge gap between rich and poor is bad news for economic growth, the fight against poverty, social stability and democracy.  

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.

In response to the G20 communique, Oxfam says: ‘The G20 has failed to meet the huge challenges our world faces. They continue to stumble away from taking the bold actions necessary to tackle poverty, inequality, and climate change after an uninspiring and underwhelming Summit in India this weekend.” 

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

Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.