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Billionaire wealth has risen three times faster in 2024 than in 2023. At least five trillionaires are now expected within a decade. Meanwhile, the number of people living in poverty has barely changed since 1990. Inequality is out of control.

We, the undersigned, are calling for a stop to funding from Development Finance Institutions to private for-profit healthcare providers. Mounting evidence shows that this funding is going to expensive out-of-reach private hospitals and clinics in low- and middle-income countries that are widening healthcare inequalities, exacerbating poverty and gender-based discrimination and violating human rights. Far from advancing progress towards Universal Health Coverage as governments have committed, this form of development finance is undermining it.  

Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is not being properly tracked due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C. 

Billionaire wealth has risen three times faster in 2024 than 2023. Five trillionaires are now expected within a decade.

In response to the publication today of Bloomberg’s investigation into human rights abuses alleged to have been committed in private hospitals.

Income inequality is high or increasing in 60 percent (64 out of 106) of low- and middle-income countries receiving grants or loans from the International Monetary Fund (IMF) and World Bank, reveals new Oxfam analysis ahead of the 2024 Spring Meetings in Washington D.C. Countries with high levels of income inequality have Gini coefficients above 0.4, the warning level set by the United Nations.

Ahead of the Annual Meetings, international agency Oxfam urged the World Bank to sharpen and swiftly move forward on the new strategy to end poverty by 2030 and boost shared prosperity.

The strategy to end extreme poverty and support inclusive growth is an important milestone for the World Bank and Oxfam welcomes Jim Kim’s vision and commitment.

Today’s World Wealth Report from Capgemini shows that times have never been better for the world’s wealthiest - since 2009 more than 4.5 million new millionaires have been created, rising to a total of 15.4 million millionaires across the world last year. Yet while the wealthy prosper, 702 million people living in extreme poverty are being left behind.

As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.